Meet Sucheta Dalal, Senior Business Journalist Who Investigated The Harshad Mehta Scam

sucheta dalal and adani stocks, sucheta dalal adani shares

Sucheta Dalal is one of India’s foremost business journalists, known for reporting on multiple high-profile financial frauds during her career. The Harshad Mehta scam from 1992 remains her most prominent investigation, its popularity boosted in recent times with the online series Scam 1992 and film Big Bull based around the incidents of the stock market manipulation.

Dalal, 59, is making headlines for a tweet she put out June 12 about stock rigging that got netizens talking.

“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!” she wrote, tagging Rajya Sabha member Subramanian Swamy.

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Adani Group shares plunged as much as 25 percent on Monday following National Securities Depository Limited (NSDL) action against three foreign fund stakeholders in the company. Accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund were frozen, without citing reasons. This is Adani’s steepest fall in around a decade, reports say.

Though Dalal’s tweet did not take names, Twitterati has linked it to Adani, noting the company’s stock exchange fall comes only days after she wrote. While some have called for a deeper probe into the share plunge and Dalal’s tweet, the event has given social media users ample meme material:

Who Is Sucheta Dalal? The Journalist’s Most Prominent Cases

Sucheta Dalal, one of the most-known names in Indian media, has a journalism career that spans beyond two decades. The award-winning journalist has worked with top publications in the country including Fortune India, Times of India, Indian Express and Moneylife. 

In 1992, Dalal rose to national prominence for breaking the Harshad Mehta story of stock market manipulation. She detailed her reporting in the book The Scam: Who Won, who Lost, who Got Away. Other cases she worked extensively on were the Ketan Parekh stocks scam in Mumbai and the international Enron scandal in the United States during the early 2000s.

Dalal was conferred the Padma Shri for her journalism in 2006. She has also been the recipient of the Chameli Devi Award. In recent years, Dalal has emerged as a social activist with non-profit work in Mumbai with her husband Debashis Basu.