Harshad brings the markets down for once
Mumbai: The news that Harshad Mehta, the erstwhile ‘big-bull’ had been convicted in the Maruti Udyog case, brought the markets down. On 27 September 1999, the Bombay Stock Exchange index of 30 shares declined 42 points to close at 4715, compared to the previous close. The National Stock Exchange index of 50 shares closed at 1389 points, a drop of 22. Stocks that were heavily traded were those of Zee Telefilms, HDFC, BSES, Reliance, Satyam computers and Infosys.

ICICI was one of the prominent shares to fall on 27 September 1999. Its share price fell by 7 per cent at the New York Stock Exchange where it was recently listed at a premium. Another financial institution that was actively traded was the Housing Development Finance Corporation. Close to 22 lakh shares, which is around 2 per cent of the company’s equity, changed hands on the BSE.
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