Harshad Mehta's Humble Beginnings and Entry into Stock Market In 1980, Harshad Mehta entered the Bombay Stock Exchange as an ordinary jobber. Born in Raipur, he faced financial struggles but moved to Mumbai seeking opportunities. Starting with small jobs and later working at New India Assurance Company for Rs. 600 per month, he eventually ventured into stock trading alongside his brother Ashwin. By building connections for insider information—legal then—and employing strategies like pump-and-dump schemes, Harshad quickly rose to prominence by mastering market dynamics.
The Rise of Grow More Consultants After a major setback during Black Thursday in March 1982 that nearly ruined him financially, Harshad rebounded by founding Grow More Consultants with his brother Ashwin in June of the same year. They provided portfolio management services targeting wealthy clients while leveraging undervalued stocks such as tea companies' shares to generate high returns for their investors. This success earned them widespread recognition despite facing opposition from established players like Manu Manek.
Battling Bears and Expanding Influence Facing challenges from bears led by veteran trader Manu Manek during a falling market post-1986 budget announcements tested Harshad’s resilience when rumors about bankruptcy spread against him falsely; however paying dues early enhanced reputation further solidifying position within institutional investor circles becoming one largest brokers nationally aiming beyond brokering towards self-investment requiring substantial capital entry money markets forming alliances banks breaking cartel dominance therein establishing foothold facilitating ready forward deals earning brokerage fees planning exploit loopholes elevate Sensex unprecedented heights between May '90-April '92 reaching pinnacle Big Bull status media spotlighted lavish lifestyle symbolizing unparalleled triumphs Indian finance history simultaneously sowing seeds eventual downfall inevitable scrutiny regulatory authorities unravel fraudulent practices underpinning meteoric ascent ultimately culminating exposure scandalous misuse banking systems artificial inflation equity valuations devastating consequences stakeholders involved including retail participants suffering massive losses collapse implicated institutions arrest legal battles demise legacy polarizes opinions enduring cautionary tale ambition excess systemic vulnerabilities unchecked greed transformative potential accountability transparency governance frameworks safeguarding integrity economic ecosystems future generations alike