Congress Slams Modi on PSU Share Decline: 'Bogus Claims'

New Delhi, Mar 3 (PTI) Investors have realised that Prime Minister Narendra Modi's claims are largely bogus and the intrinsic values that eroded significantly in the last decade are being discovered, the Congress said on Monday as it hit out at the government over the declining value of PSU shares.

The opposition party also alleged that the Modi government's sole agenda was "to dismantle the public sector and hand over public sector companies to its favoured few".

In a post on X, Congress general secretary in-charge communications Jairam Ramesh said, "For quite some time, the prime minister has been highlighting how PSU (public sector undertaking) stock values have been booming and saying this demonstrates his government's deep commitment to the public sector."

"Well, now PSU share values have come crashing down. Investors have realised that the prime minister's claims are largely bogus. Intrinsic values that were eroded significantly in the last decade are being discovered," he said.

"The Modi government has one agenda: to dismantle the public sector and hand over public sector companies to its favoured few," Ramesh said.

The Congress leader also shared a media report that said India's listed public sector companies' stocks -- once favourites of new-to-the-market investors -- fell about 30 per cent from their peaks last year, far more than the 13 per cent overall decline in the Sensex during the same period.

On Friday, the BSE index tanked 1,414.33 points to settle at 73,198.10. The NSE Nifty slumped 420.35 points to close at 22,124.70.

The benchmark BSE Sensex declined by 112 points while the Nifty fell for the ninth straight session following selling in blue-chips HDFC Bank and Reliance Industries.