One number comes up again and again when people talk about the 1992 stock market scam: ₹9,000. That was roughly where ACC (Associated Cement Companies) shares were pushed, up from around ₹200, during the Harshad Mehta era.
Quick answer
- Price move: from about ₹200 to nearly ₹9,000 (some accounts say up to ₹10,000).
- When: in the run-up to April 1992, within roughly one year.
- Who was behind the buying: accounts say a set of brokers, including Harshad Mehta, drove it.
- How it ended: the scam was exposed in April 1992 and the market fell sharply afterwards.
A caution about the numbers: these are widely repeated figures from books, articles and encyclopedia entries. Exact daily prices vary between accounts, so treat ₹9,000 as the commonly cited level, not an official record.
The timeline
| When | What happened |
|---|---|
| April 1991 to April 1992 | Sensex rose from about 1,194 to about 4,467 points (about 274%). |
| During this period | ACC and other stocks such as Apollo Tyres and Sterlite were pushed up by heavy buying. |
| 23 April 1992 | Journalist Sucheta Dalal exposed the dubious methods in a Times of India column. |
| After exposure | Markets fell sharply and stayed weak for a long time (a 72% fall is cited by one source, others differ). |
The “replacement cost” argument
To justify such a high price, Mehta argued that old companies should be valued on what it would cost to build a similar company today. That is called the replacement cost theory. It sounds logical, but it ignores whether the company actually earns a return on that cost.
How it was financed
Accounts say the buying money came from the banking system. Fake bank receipts and forged documents were used to get funds, and the money flowed into shares. When this was exposed, the funding disappeared and so did the support for prices. Investigators later also accused Mehta and associates of misusing millions of shares in about 90 companies, including ACC.
What this tells a modern investor
- A very high price is not proof of value. Ask what earnings and cash flow support it.
- Rapid rises driven by a few buyers can reverse quickly.
- Check the source of any “theory” that justifies a price far above past levels.
A note about comparing with today’s price
Corporate actions such as bonus issues and splits change the number of shares over time. Data sites usually show adjusted prices, which are lower than what was actually traded in 1992. Make sure you know whether a price is actual or adjusted before comparing.
What to track every quarter
- Notices on the NSE and BSE announcement pages.
- Orders of the NCLT, SEBI or other regulators, where relevant.
- The company’s latest filings and the auditor’s remarks.
- Any statement from the resolution professional or the company.
Key terms in simple words
| Term | Meaning |
|---|---|
| EBITDA | Profit from operations before interest, tax and depreciation. |
| PAT | Profit after tax, the profit left for owners. |
| 52-week range | The lowest and highest price in the last year. |
| Compounding | Growth on growth: each year’s gain is added to the base for the next year. |
How we prepared this article
We collect numbers from company results, exchange filings where available and public news and price pages, and we note the date of each price. Where sources disagree, we say so instead of picking one quietly. Scenario tables use a simple formula and are examples, not predictions. We do not take payment to publish targets. Found a mistake? Tell us and we will correct it.
Frequently asked questions
What was the ACC share price in 1992?
Commonly cited accounts say it reached nearly ₹9,000, from around ₹200 about a year earlier. Some accounts go up to ₹10,000.
Why did ACC shares rise so much?
Heavy buying by a group of brokers including Harshad Mehta, financed with money from the banking system, according to widely cited accounts.
Did ACC shares fall after the scam?
The overall market fell sharply after April 1992. Check historical data for the exact ACC path.
How often is this article updated?
We review it after each quarterly result and when major company news arrives. The review date is shown at the bottom of the page.
Where can I check the live share price?
On the NSE and BSE websites or in your broker’s app. Prices on this page carry a date and may be delayed.
Are the scenarios an analyst target?
No. They are simple examples built from one formula and different growth rates. Real prices can be far above or below them.
Conclusion
ACC’s 1992 rise is one of the clearest examples of a price that was pushed rather than earned. The ₹9,000 figure is a reminder to ask what supports a price, not just how high it has gone.
Related reading: MRF share price in 1980, Infosys share price in 2000.
Watch: a related video
Video by Ajay: Harshad Mehta’s Biggest Financial Bubble: The ACC Story. This is a third-party video from an independent creator, shown for learning only. Facts in such videos can differ from this article, so rely on the sources listed on this page.
Sources
- Wikipedia: 1992 Indian stock market scam
- Wikipedia: Harshad Mehta
- Kuvera: Harshad Mehta scam story
- Finology Insider: Harshad Mehta scam
Historical article. Information as of 13 October 2026. Last reviewed 13 October 2026.
Disclaimer: This article is for education only. Share prices and forecasts can change, and past performance does not guarantee future results. It is not personal investment advice, and SharePriceHub is not a SEBI-registered adviser. Please check current information on official sources and speak to a qualified financial adviser before you invest. Read the full disclaimer.
