Shankar Sharma is well known for his ability to change his mind depending on the way the wind is blowing but he has now outdone himself, destroying his credibility.
On 14th February 2014, Shankar Sharma said:
“Emerging markets are going to be down. I am 100% sure they are going to be down from wherever they are right now. This includes India. So, absolutely no doubt in my mind that India will be sharply lower in May and of course emerging markets will be at least 10% to 20% lower from where they are right now”.
On that date, the Nifty was at 6048. Today, it is at 7123. The Index is up an incredible 1075 points which is 17.77%. Several large-cap and mid-cap stocks are up several times more than the Index.
How did Shankar Sharma make the irresponsible statement that he was “100% sure” that the markets would be down “at least 10% to 20%”?
To add injury to insult, Shankar Shankar has now surfaced claiming that “India is in great shape and that the Sensex downside is capped”.
In his latest interview to CNBC-TV18 Shankar Sharma states that “our fundamentals are the best of any major economy in the world” and “I don’t think then you are looking at any downside worth the name at all because like I said the economy being left behind is in excellent shape”. “I don’t think you are going to see a 16000-18000 level of index any time soon”.
I think one of the first things Narendra Modi should do on becoming PM is to prosecute Shankar Sharma for misleading investors.