Charging that the government and the Securities and Exchange Board of India had lost control over stock market, Opposition in the Rajya Sabha on Monday demanded the resignation of finance minister P Chidambaram, saying it appeared "market is in the hands of manipulators".
"The country's stock markets have never witnessed such volatility as being seen over the past week," former finance minister Yashwant Sinha said.
Sinha raised the issue when Chidambaram rose to commend to the House the Taxation (Amendment) Law Bill.
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The demand for Chidambaram's resignation was supported by his party colleagues Vinay Katiyar and others and some Telugu Desam Party members.
Quick to react, Chidambaram said any "off the cuff" statement could have "damaging implications for the market".
"I have taken note of concerns expressed by members," the finance minister said, adding "I will make a statement after getting all the facts."
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