‘Harshad Mehta-era is back’: RPG’s Harsh Goenka warns retail investors of losses

RPG Group Chairman Harsh Goenka has warned retail investors of suffering ‘severe losses’ amid the booming stock market as malpractices of Harshad Mehta and Ketan Parekh era are back, particularly in Kolkata. According to the business leader, stock prices are being driven to unrealistic levels as promoters are inflating profits (through profit entry) in nexus with Gujarati-Marwari brokers.

Goenka took to social media platform ‘X’ earlier today saying, ‘’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. It’s time for SEBI and @FinMinIndia to step in and investigate before small investors suffer severe losses.”

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Published: 04 May 2024, 05:13 PM IST

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