Communist Party of India (Marxist) on Friday sought a probe into the 'bear cartel' in the stock market referred to by outgoing Divestment Minister Arun Shourie during the public offer of shares in government companies three months back and asked him to identify those who are part of it.

"Arun Shourie had said a few months back that there was a bear cartel but had not identified the names. In the interest of the country he should name them so that new government can take appropriate action," CPI (M) spokesperson Sitaram Yechury told reporters in New Delhi.

During the public offering of shares in six companies, including Oil and Natural Gas Corp and Gas Authority of India Ltd, in February, Shourie had said that certain people were identified who are pulling down the market but had declined to identify them.

"CPI (M) seeks a probe into the entire issue. The names should be made public before they (NDA government) go," he said.

On the Capital outflow in the stock market, Yechury said the whole issue has to be looked into and "why after elections this is happening and who is behind it."

Yechury said it would be naive to ascribe the stock market crash to some statements made by CPI (M) leaders.

"Globally the oil price is going up, dollar is firming and international capital market is volatile. India cannot be insulated. India cannot be away from it," he said.

On the CPM's position on divestment, Yechury said, "We are against divestment in Navaratna PSUs and medium size profit making companies."

Only in the case of loss making PSUs or potentially loss making companies the government should make an effort for their revival by bringing in fresh private investment through joint venture.

"Only if all efforts fail, the government should talk to the management and workers for their disposal," he said.

On the issue of foreign investment, Yechury said, "In the era of globalisation the country cannot remain insulated."

But any foreign investment coming into the country should fulfill three conditions. "It should augment productive capacity instead of asset acquisition, it should lead to technology upgradation of the economy and should generate employment."

On the party's view on the much-touted proposal to open up retail sector for foreign investment, Yechury said, "If the three conditions are complied with foreign investments could be anywhere -- retail or wholesale."

Targetting the NDA government's economic reforms, he said the reforms of the outgoing government favoured a few people for profits. "We want economic reforms for the common people and public good."