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US Official Sparks Backlash Over False Indian Stock Market Crash Claim
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News18•09-10-2026, 14:45
US Official Sparks Backlash Over False Indian Stock Market Crash Claim
- •A senior US official faced criticism after responding with mockery to a viral social media post claiming the Indian stock market crashed.
- •The viral claim falsely linked a drop in Indian shares to the US suspension of foreign worker programmes and green card applications for eight companies.
- •Community notes and market timings disproved the claim, showing Indian markets had already closed hours before the US announcement.
- •Indian benchmark indices Sensex and Nifty later recovered in early trade driven by strong corporate earnings and positive momentum.
Key Questions Answered
The US suspended eight IT companies, including Microsoft, Tata, Infosys, Wipro, HCL, Cognizant, and Capgemini, from the PERM program.
US Vice President JD Vance stated that the suspension followed an investigation and accused companies of replacing American workers with foreign labour, noting the move will stay in place until firms prioritize US workers.
No, claims that the US announcement caused a crash were false because Indian markets had already closed hours before the October 8 announcement, with actual market declines linked to oil prices, interest rates, and foreign outflows.
