'Running Behind Lakshmi': New book explores evolution of India's stock market

New Delhi, Sep 17 (PTI) An upcoming book, "Running Behind Lakshmi", offers a compelling narrative of the Indian stock market that charts two centuries its history from its founding in the early 19th century up to the present day.

Written by financial expert Adil Rustomjee and published jointly by Hachette India and John Murray Press, the book promises to be a wide-ranging account that is equal parts "analytical history, financial practice, and market lore".

"Till now, not much was known about the evolution and making of the modern Indian stock market. Yet, in all likelihood, India is the world’s oldest emerging market, and this book is the first to trace that market from its founding to the present moment.

"The effort developed into my life’s work, and about a decade of research and writing later, I am delighted by the publication of 'Running behind Lakshmi: The Search for Wealth in India’s Stock Market'. The focus is on India’s market, but I hope readers will realise that many of the themes are universal," the author said in a statement.

It charts the evolution of India’s stock market in detail -- from 19th-century banyan tree trading by 'banias' and the Cotton and Share Mania of the Civil War era, through the Nehruvian slowdown and 1991 liberalisation, to the volatile trends of the 21st century.

Brimming with pioneers and adventurers, "grand rivalries and petty jealousies, scams and scandals", according to the publisher, the book is "the story of a nation and a people told through a lens that’s never been used, but is more relevant than ever". PTI MG MAH MAH