FM rules out scam in stock market

By agencies   |   Wednesday, 21 September 2005, 07:00 Hrs
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NEW DELHI: Ruling out any scam in the stock markets, Finance Minister P Chidambaram today said that "no scam was in the offing" as it was being made out.

"There is no cause for alarm. It is completely wrong to say a scam is in the offing and I deny such reports," Chidambaram said. He also said that his concern was not about what number the sensex will hit but the Price to earnings (P/E) ratio, which is in the comfort zone right now.

"As long as P/E ratios are in the comfort zone and corporate performance is good, I don't think there is a cause to worry," he said.

Chidambaram also said the government was keeping a close watch on the stock market to ensure it functioned in an orderly manner.

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