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Twitterati going gung-ho about ’Scam 1992, the Harshad Mehta Story’, IMDB rates 9.6
The scam came to be known as the 'security scam' and estimated to be around ₹3,500 crore. Most investors lost every penny they had invested in the markets.
Based on one of the greatest scams in the financial sector of India, 'Scam 1992', a web series directed by Hansal Mehta is gaining wide appreciation among the viewers. Twitter users have assigned a 'must watch' rating to the show based on Harshad Mehta's rags to riches story. The IMDB rating for the web series is 9.6. Set in 1980's & 90's Bombay, Scam 1992 follows the life of Harshad Mehta - a stockbroker who single-handedly took the stock market to dizzying heights and his catastrophic downfall. The series is based on journalist Debashis Basu and Sucheta Dalal's book "The Scam".
The scam came to be known as the 'security scam' and estimated to be around ₹3,500 crore. Most investors lost every penny they had invested in the markets.
The scam involved bank receipts to manipulate stock prices. Harshad Mehta used to get funds from the banks which he used to artificially inflate the stock prices. For an instance, ACC cement stock price witnessed an artificially created abnormal price rise. Using the BR scam, Mehta took the price of ACC from ₹200 to ₹9,000 in a short span of time. This 4,400% percent increase was seen in several other stocks and as he sold the stocks, the market crashed.
In the period between April 1991 and April 1992, the Sensex gave a 274% annual return moving from 1,194 points to 4,467. People started calling Harshad Mehta as a 'Big Bull'.
In between the period April 1991 to May 1992, he is believed to have diverted thousands of crores from banks to stockbrokers.
The scam unfolded when the State Bank of India reported a shortfall in government securities.
Here's what the twitterati are saying about the webseries:
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Business NewsMoneyPersonal FinanceTwitterati going gung-ho about ’Scam 1992, the Harshad Mehta Story’, IMDB rates 9.6
First Published:11 Oct 2020, 09:22 AM IST
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