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Harshad Mehta Biography: Age, Career, Family and More

F4U Editorial Desk • Updated September 29, 2026 • 6 min read

Quick Info

Date of birth29 July 1954

Age47 (at time of death)

BirthplacePaneli Moti, Rajkot District, Gujarat

ProfessionStockbroker

NationalityIndian

Marital statusMarried (at time of death)

SpouseJyoti Mehta

FamilySon - Atur Mehta; Parents - Shantilal Mehta and Rasilaben Mehta; Brothers - Sudhir Mehta, Hitesh Mehta, Ashwin Mehta

Harshad Mehta Biography

Harshad Shantilal Mehta was an Indian stockbroker whose dramatic rise and fall in the early 1990s reshaped public understanding of financial markets in the

Early life and background

Harshad Shantilal Mehta was born on 29 July 1954 in Paneli Moti in Rajkot district, Gujarat. He spent part of his childhood in Mumbai’s Kandivali where his father ran a small textile business, and later the family moved to Raipur in present-day Chhattisgarh where he completed his schooling at Holy Cross Senior Secondary School. Mehta graduated with a B.Com degree from Lala Lajpat Rai College of Commerce and Economics in Mumbai in 1976.

Before entering the stock market, Mehta worked a variety of jobs over roughly eight years. His early years included roles such as cement contracting, hosiery sales, diamond sorting and working as an insurance clerk and agent. While working in the Bombay office of New India Assurance Company Limited, he developed an interest in equities and in 1981 left the company to work as a jobber under a stockbroker he regarded as a mentor.

Career

In 1984 Mehta became a member of the Bombay Stock Exchange and founded GrowMore Research and Asset Management, a stock brokerage firm. Over the late 1980s and into 1991 he built a reputation for large, concentrated market activity. Using funds obtained through the banking and government securities systems, he made massive purchases of selected stocks. Those heavy inflows pushed prices up sharply, attracted further investor interest, and allowed him to liquidate positions at much higher levels.

Mehta invested in a number of listed companies, including Apollo Tyres, Reliance, Tata Iron and Steel, BPL, Videocon and ACC. His purchases of ACC shares, in particular, produced spectacular percentage gains over a short period. The scale of his activity contributed to a dramatic rise in the BSE Sensex, which moved from around 1,000 to roughly 4,500 during his peak influence in 1991–92, and brought him widespread media attention and nicknames such as the “Big Bull.”

Exposure and legal consequences

The prominence of Mehta’s lifestyle drew the attention of financial journalists. An investigation published in April 1992 revealed that large sums had been diverted from bank and government securities operations and used in the stock market. The resulting loss of confidence triggered a sharp market downturn and led banks and other creditors to call in funds he had been using.

Law enforcement moved swiftly. In November 1992 Mehta was arrested along with two brothers who were implicated in the matter. He faced dozens of criminal charges and hundreds of civil actions by banks and institutions. After spending time in custody, he secured bail from the Bombay High Court following legal representation that included the prominent lawyer Ram Jethmalani.

In 1999 the Bombay High Court convicted Mehta and others in a case involving Maruti Udyog Ltd and sentenced him to five years’ imprisonment in connection with that matter.

Personal life

Mehta was married to Jyoti Mehta, and the couple had a son, Atur Mehta. His parents were Shantilal Mehta, a businessman, and Rasilaben Mehta. He had brothers named Sudhir, Hitesh and Ashwin, the latter an advocate. Mehta came from a Gujarati Jain family and lived a high-profile lifestyle during his rise, including ownership of a large sea-facing penthouse in Worli and a collection of expensive cars.

Death

While serving a prison sentence, Mehta experienced chest pain and was taken to Thane Civil Hospital. He died there on 31 December 2001 at the age of 47. The reported cause of death was a heart ailment.

Public profile

The events surrounding Mehta’s trading practices and the market fallout prompted official inquiries. The Reserve Bank of India convened a committee that reported a scam figure in the region of INR 4,025 crore. Media coverage of the affair and subsequent reporting, books and dramatizations have kept the episode in public memory.

Mehta’s life and the 1992 market episode inspired several adaptations in film and television. Notably, a 2020 Hindi web series dramatized his story, and a feature film titled The Big Bull was produced with a principal actor portraying a character based on him.

Latest updates

Years after Mehta’s death, his wife launched a website in 2022 to present her perspective on his treatment and the circumstances of his death. The site alleges delays and shortcomings in medical attention while he was in custody and expresses ongoing grievances about how his family has been treated since the scandal.
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Career Highlights

  1. Became a member of the Bombay Stock Exchange in 1984 and founded GrowMore Research and Asset Management
  2. Played a central role in the dramatic rise of several stock prices and the BSE Sensex in 1991–92
  3. Was arrested in November 1992 following exposure of large-scale diversion of funds and faced extensive criminal and civil actions
  4. Convicted by the Bombay High Court in 1999 in a Maruti Udyog Ltd fraud case and sentenced to five years' imprisonment
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Frequently Asked Questions

When was Harshad Mehta born?

29 July 1954

What is Harshad Mehta known for?

Stockbroker

What is Harshad Mehta’s marital status?

Married (at time of death)

Who is Harshad Mehta married to?

Jyoti Mehta