Harshad Mehta who made the market euphoric, and, in the process, used banks and misused the stock market became a hero for many stock market participants, Vijay Kedia, MD, Kedia Securities talks about the scam of 1992 in “The Market Podcast’ with Moneycontrol.
There are two things that are common in every scam in the world. First thing, they’re very short-lived. Their life is like a moth, the darkness is a guest for a night.
And, the second thing is that they don’t end well. These two things are very common here. It damaged the fortunes of millions of market participants, such as investors and traders and bankers.
“The biggest damage was a dent on the image of investing. That took a huge hit. It reminded people of the scam of Haridas Mundhra, which happened in the 1950s,” says Kedia.
Also Read: Full Interview: Harshad Mehta was seen like a hero: Vijay Kedia of Kedia Securities
He further added that the key learning is very simple, and it is the same that our parents taught us in our childhood -- evil begets evil. There is no shortcut in investing.
There is a quote of Vijay Kedia which says, “the majority of investors are unsuccessful in this market, because they want to become crorepatis overnight.”
People lost their fortunes, which they built in 30, 40 years, in one year. In one scam, you could lose all your things, all your savings of 30, 40, 50 years. So, one should always avoid these kinds of stocks, these kind of operations.
(Tune in to the podcast for more)
Read our entire coverage on Harshad Mehta here
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