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Harsh Goenka shared how he feels that Harshad Mehta and Ketan Parekh era is back in Kolkata. After he made the tweet, numerous people reacted to it. | Trending
RPG Group Chairman Harsh Goenka has raised alarm over a resurgence of stock market malpractices akin to the Harshad Mehta/Ketan Parekh era, particularly in Kolkata. He expressed concerns about promoters inflating profits and colluding with brokers to artificially boost stock prices to unsustainable levels. Goenka urged SEBI and the Finance Ministry to step in and investigate to protect small investors from potential losses. The warning follows a significant market decline, with the BSE Sensex and NSE's Nifty both experiencing sharp drops.
He also appealed markets regulator Sebi and the Finance Ministry to step in and investigate before small investors suffer severe losses. Earlier in March, Sebi chief Madhabi Puri Buch had openly raised the issue of froth building up in smallcaps and midcaps and also said there are signs of price manipulation in the equity market.
"With a booming stock market, all the malpractices of Harshad Mehta/Ketan Parekh era are back primarily in Kolkata. Promoters are inflating profits (through profit entry) and in nexus with Gujarati-Marwari brokers driving their stock prices to unrealistic levels," Goenka wrote on X (formally Twitter).