The BJP believes the government has done all it needs to do by asking the Ministry of Corporate Affairs, the RBI, and Sebi to conduct enquiries into the ‘unnatural’ market movements last week. (Photo: PTI)
For Indians, the summer of 1992 will forever belong to a man called Harshad Mehta. Broker Harshad Mehta siphoned off around Rs 1,000 crore from the banking system to buy stocks on the Bombay Stock Exchange. As he pumped in money, the markets continued to achieve new highs. Retail investors took cues from what Mehta was buying and followed in the footsteps of the ‘Big Bull’. The scam came to light when State Bank of India reported a shortfall in government securities. That led to an investigation that later showed that Mehta had manipulated around Rs 3,500 crore in the system.
On August 6, 1992, after the scam was exposed, the markets crashed 72 per cent, leading to one of
First Published: Feb 05 2023 | 11:49 PM IST