On a day when the stock market had a seizure of sorts and tanked 330 points after Left leaders called for scrapping of the Disinvestment Ministry, the healing touch came after the closing bell had sounded. After an informal meeting between Pranab Mukherjee, Jairam Ramesh and him, Manmohan Singh, read out a statement that the Congress was committed to ‘‘reforms and policies to promote investment.’’ And that ‘‘investors can rest assured that the new government will pursue policies to create a climate favourable for growth in savings and investment.’’ Singh, who is also said to have had a word with Reserve Bank Governor Y V Reddy earlier in the day—the RBI’s credit policy is scheduled for Tuesday—said: ‘‘We are not against disinvestment per se, if it is shown to be in the national interest. We are open to all options.’’ With the Left expected to have some influence over the policies of the next government, its leaders sent jitters in the market when they indicated their dislike for the disinvestment process. CPI-M politburo member Sitaram Yechury said that the disinvestment ministry should be scrapped and no profit-making PSU sold. CPI general secretary A B Bardhan went one step further when he declared: ‘‘Bhaadh mein jaaye disinvestment aur bhaadh mein jaaye Arun Shourie (to hell with disinvestment and Arun Shourie).’’ The nervous market, barely recovered from the shadow of political instability, went on a selling frenzy with PSU stocks — valued for the potential bonanza that comes with disinvestment — being the big losers. The BSE PSU Index fell by a massive 542 points. CPI-M’s Nilotpal Basu pointed out that his party was against selling off PSUs that were making profits.
