How long do you think that the hype in the stock markets about infotech scrips will last?
The stock market today has reached a situation where it can be labelled ‘mad’. My own feeling is that it is going to rock, and rock violently. Companies like Infosys and Wipro are in for a beating because they are at the leading edge of the unknown. It is difficult to come out once you enter the domain of the unknown and probably the unknowable. You take, for instance, the Infy scrip — it is now getting two components. One is the real money and the other is virtual money. When the supply of black money in the economy exceeds that of white money the impact on the economy is unpredictable. In the same way when virtual money exceeds the real money supply it will unbalance the economy. Unless, in some way, the virtual money is brought into circulation in the economy… Just as there is a cycle of hype there will be a cycle of disillusionment. For example, consider Infosys. If the investors have put in so much money on the company then they expect Narayana Murthy to do something. So he has
