Lucknow, Feb 25 (PTI) Samajwadi Party chief Akhilesh Yadav on Tuesday launched a scathing attack on the BJP-led Centre over the continuous decline in Indian stock markets, claiming investments of the middle class had been wiped out.

The Kannauj MP also accused the government of "misleading people" while failing to protect domestic investors.

Yadav said in a post on X, "The ongoing decline in the Indian stock markets has devoured the investments of the middle class. The 'double-engine' governments, which are in a race to invite investors from across the world, should first ensure the safety of their own investors before hosting 'deceptive events' to reassure others." Due to the continuous poor performance of the Nifty over the past few months, reports have emerged that the Indian stock markets have become the third weakest among emerging markets after Thailand and the Philippines this year, he said in Hindi.

"On one hand, 80 crore people are forced to survive on government ration and, on the other, those who invested their savings in stocks have been left bankrupt. Even in such dire conditions, the BJP government continues to mislead and manipulate people with false claims. This economic fraud must stop," the former Uttar Pradesh chief minister said.

"Investors are saying today: No more BJP!" Yadav added.

Yadav's comments come amid concerns over the performance of the Indian stock markets, which have seen fluctuations in recent months.

The Sensex tanked 1.14 per cent to settle at 74,454.41 points on Monday while the Nifty fell 1.06 per cent to 22,553.35 points.

The benchmark equity indices rebounded in early trade on Tuesday amid value buying at lower levels after falling sharply in the last five trading sessions. PTI KIS SZM SZM

Economic fraud allegations over market decline prompt calls to protect domestic investors and stop government misleading claims. A political leader alleges economic fraud by the central government due to a sustained decline in domestic equity markets that has wiped out middle class investments, accuses the administration of misleading and manipulating public perception while failing to protect domestic investors, and calls for an end to deceptive claims and prioritisation of investor protection in light of recent sharp falls in benchmark indices and relative underperformance among emerging markets.