Radha Sharma/TNN
Ahmedabad, Nov 5: You have to meet this father to know how bloodbath at the stock market can weaken even bonds of blood, shake the very foundations on which one raises children whom people expect to be their support in old age.
Pratap Mehta who is on the verge of retirement has used up his entire life’s income to pay off his 28-year-old son Maheshs Rs 30-lakh debt. Not only that, the 58-year-old man is also trying to keep Mahesh away from investing in the doomed markets, to which he was addicted when the bulls were on rampage to strike it rich.
After losing all his fortune, Mahesh believes that though he has learnt his lesson the hard way, he just needs some more cash to get the family out of financial trouble!
"I just need Rs 50,000 to get us all out of trouble. I know that Ive made a mistake by breaking the golden rule of not reinvesting capital but trading only on profits. Please, dad, give me a second chance," Mahesh pleaded with his father. On hearing this, Pratap thought it fit to take Mahesh to an expert to make him see some sense.
Mahesh is one of those who not only lost their money but also a golden career. He used to work at Infosys in Bangalore drawing a salary of Rs 60,000 a month. However, he got so hooked to trading that he got obsessed with recovering his fortune lost in the markets. In the process, he also lost his job.
The stock markets are still headed southwards and there is only more loss in store for Mahesh if he invests further. But the youth refuses to understand and has become hypermanic.
"Mahesh is a classic example of how a large number of Gujarati youths, led by the dream of striking it rich in a short time, got addicted to trading and are now panic-struck wondering where to get cash for the huge-pay-off," says psychiatrist Dr Mrugesh Vaishnav, who is treating Mahesh.
Mahesh’s downfall started when his friend lured him to the stock market, convincing him that he will never be able to make it big with a job. "He exhausted all limits on his five credit cards and signed on a promissory note produced by a friend to procure a loan and recover his losses. His friend turned out to be a cheat and the youth was arrested by police in Bangalore. His father had to borrow Rs 20 lakh to get his son released," said Dr Vaishnav.
But, the youth is still optimistic about the market and wants his father to give him more money. "Sir, should I give him money?" the father asked Dr Vaishnav. "No, he needs to be weaned away from the addiction," came a quick reply.
As the bloodbath continues, struggle between blood bonds too continue...
(Names have been changed to protect identity)