The Communist Party of India said the historic crash of the stock market on Monday was a deliberate attempt on the part of the rightist forces to create a scare after the change of the government at the Centre.

"Earlier, the Sensex had been artificially boosted up. The Bharatiya Janata Party was trying to create an impression that India is shining. It has been shown in the elections that it was hard from the truth," A B Bardhan, CPI General Secretary, said in New Delhi.

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"We realise the importance and usefulness of the stock market in present day economy but we also understand that there are certain forces who are creating the speculation and hype," he said, adding, "We are not at all scared by this and appeal to all those who have any doubts that we are for stability and stable economic growth that helps the poor and not only a section of the rich."

He said the party understood very well that speculative forces were at play in the market and a deliberate attempt was being made by a 'section of BJP' forces to create a scare about new government and the role of Left in supporting it.

Even on the question of divestment the Sensex had reacted in a similar manner, he said. "We want to tell that there is no reason for any fright and warn that such steps should not be resorted to, to influence the economic policies of the new government."