US commentator's false claim linked immigration rules to Indian stocks
There was some buzz online after a US commentator claimed Indian companies like Reliance and SBI crashed in the stock market because of new US immigration rules.
The catch? The claim wasn't true.
Anthony D'Esposito, Inspector General of the United States Department of Labor, even jumped in on X and reacted to a post on X.
Oil and RBI hit Indian stocks
The Indian stock market had already closed before those US policy changes were announced.
The dip on October 8 was really about rising oil prices and an RBI rate hike, not anything to do with immigration news.
In fact, IT stocks like TCS helped markets bounce back the next day, especially after TCS reported a strong 15% jump in profits for the quarter.
Just goes to show how quickly misinformation can spread, and why it's worth checking what's really going on.