Journo who exposed Harshad Mehta scam hints at another scandal; trends on Twitter

Team Udayavani, Jun 14, 2021, 2:56 PM IST

Mumbai: Sucheta Dalal, the financial journalist who exposed the Harshad Mehta scam in 1992, has hinted at a similar scandal in her recent tweet.

Dalal had tweeted, “Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!”

Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!

— Sucheta Dalal (@suchetadalal) June 12, 2021

Soon after her cryptic tweet, many news reports stated that the fall in shares prices of companies in Adani Group by upto 25 per cent can be directly attributed to her tweet.

The reports also stated that three Foreign Portfolio Investment entities who own huge stocks in the group’s companies had their Demat accounts frozen by the National Security Depositories Limited for failing to adhere to revised disclosure rules.

Additionally, it was also reported that SEBI has started an investigation into the group’s companies for alleged stock price manipulation.

Prices of shares of a few companies in Adani Group have seen gains between 200 to 1,000 per cent in the past year.

Many financial advisories have already issued notices to clients to not trade in any of Adani Group stocks.

Dalal’s tweet also made her and the National Security Depositories Limited trending on Twitter with myriad responses:

Everyone is thinking Elon Musk’s tweet makes a big impact
Meanwhile #SuchetaDalal pic.twitter.com/EN9hOud3bX

— Abhinav Baliyan (@_abhinavbaliyan) June 14, 2021

Elon Musk tweet about #dogecoin leads to 15 percent price spike ?

Le* :- one tweet by #SuchetaDalal without any names & all Adani stocks hit lower circuits ? pic.twitter.com/vGzoVAx3JQ

— Jatin Raghuwanshi (@JatinRa94724745) June 14, 2021