RPG’s Harsh Goenka issues warning to retail investors amid bull run on D-Street

Harsh Goenka, Chairman of RPG Group, has raised concerns about the resurgence of malpractices reminiscent of the Harshad Mehta and Ketan Parekh era in the stock market.

In a warning directed at retail investors, he highlighted the inflation of stock prices to unrealistic levels, particularly in Kolkata, driven by promoters and Gujarati-Marwari brokers.

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…

— Harsh Goenka (@hvgoenka) May 4, 2024

Taking to the social media platform ‘X’, Goenka expressed his apprehensions, stating, “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.”

His statement underscores the need for regulatory intervention to prevent retail investors from facing significant financial losses due to manipulated stock prices and inflated profits. As the bull run on D-Street continues, Goenka’s warning serves as a cautionary reminder for investors to exercise vigilance and prudence in their investment decisions.