In 2006, Vikram Puri, CEO of Mahindra Shubhlabh, contracted farmers in Punjab to grow basmati rice for Rs 1,350 per quintal. Global demand, supply fluctuations and local speculative buying pushed the prices to Rs 1,400-1,500 per quintal and about 2,000 farmers in Jalandhar and Kapurthala reneged on their contracts, causing a loss of Rs 3.6 lakh in actuals and Rs 27 lakh in opportunity cost.