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Stock shock

india Updated: Oct 23, 2008 01:24 IST

He would have been a father in a few days, but ended up killing his nine-month pregnant wife and himself.

Parag Tanna, 34, had suffered huge losses in the market, was thrown out of the private stock broking company he worked for and creditors were asking their money back. Unable to find a way out, he smothered his wife and then hanged himself at his Kandivali home on Tuesday night.

“I will not be able to support my family and give a good life to my child,” the three-page suicide note, written in Gujarati, read. It also had the details of his accounts and bank passwords.

Tanna, who earlier earlier worked in an electrical appliance shop, had asked many of his friends to invest in stocks and after the recent market crash, his clients were asking the money back, Surendra Jaiswal, senior police inspector at Kandivali police station, said. A month ago, Tanna’s company, Inventure, fired him and he was not able to find another job.

On Tuesday evening, he called up his wife Neha, who had gone to her parents in Gorai two months ago for delivering the baby, and asked her to come home for Diwali shopping.

He left his home at around 4 p.m., telling his mother he was going to Borivali.

At around 9 p.m. when Tanna’s mother Induben returned from temple, she found the door ajar. “When she entered the bedroom, she saw Tanna hanging from a hook in the ceiling. Neha was lying on the ground, a pillow next to her," said Jaiswal.

“Tanna wrote that due to financial crisis and his unemployment, he was frustrated… and was unable to sustain his family and repay loans," said Jaiswal.

“He was born after four daughters and many prayers. He was pampered by all... After he lost his job, he was tense, but we didn’t expect him to kill his wife, kid and himself,” said the mother.

In faraway Agartala, another family is struggling to come to terms with a similar tragedy. Santosh Saha can’t understand why his son chose death after losing money in the stock market.

“I told him a number of times that I have the ability to bear the loss and shall repair the damage through planned investments in future,” said the inconsolable father, who is a prominent business of Agartala.

Jayanta Saha, 26, hanged himself on Tuesday after he lost Rs 9 lakh in stock trading. “We used to talk over phone 40 times a day when we were touring, and I didn't sense anything different when I last spoke to him,” said Santosh. He and his wife were away to Kolkata when their son committed suicide.

Agartala, too, like other parts of the country, saw a growing interest in stocks when the market was booming and the downturn continues to take toll.

The police on Wednesday reported another suicide. Rajiv Chakraborty, who lived in Agartala suburb of Amtali, hanged himself last week after the market crashed.

A small investor, Chakra-borty had invested his entire saving of Rs 50,000 in the market. But when the market tanked, he hanged himself from a tree near his home.