New Delhi: The leading party in the incoming Government today (May 17, 2004) warned stern action against manipulators in the stock market that crashed today and assured investors that the coalition would adopt policies for a stable market.

Concerned over the historic crash in the stock markets today, senior Congress leader Manmohan Singh said the new Government will not hesitate to take any steps against manipulators who create unnecessary panic in the market.

The warning from Singh, widely perceived as Finance Minister of Congress-led Government, came within an hour of the crash, forcing the stock authorities to freeze trading for second time in the day.

Singh said he also talked to outgoing Finance Minister Jaswant Singh to share his concern and reaffirmed the belief of the Congress and allies about the "healthy growth of the capital market."