No scam in stock market: Chidambaram

Finance minister P Chidambram today said there was no scam in the stock market.

"There is no cause for concern. There is no scam in the market, but there could be one or two 'adventurous' players in the market," he said in New York.

He said the price-to-earnings (P/E) ratio for Nifty, Sensex, Nifty Junior, S&P 200 scrips are well within comfort zone.

"It's a well-regulated market. So, one should not be unduly worried when the market rises or falls rapidly," he said.

He said the upcoming fiscal second quarter earnings would be a good indicator of whether investors have gauged corporate performance correctly.

"We should wait for the second-quarter results. If they turn out to be as good as the first-quarter results, then the conclusion is that the market anticipated the second-quarter results," he added.