Manu Manek Mundra aka Cobra of Stock Market:After watching Scam 1992 web series, another person who was in lime light before Harshad Mehta arrival in Indian stock market is Manu Manek Mundra.
Who was Manu Manek Mundra?
Before Harshad Mehta arrival in Indian stock market, Manu Manek Mundra was the person who really the king of Indian stock market. Almost every company at that time was scared of Manek Mundra. Every person known this personality with another name was Real Cobra of the Indian Stock Market.
In Scam 1992 the role of Manek Mundra is played by legendary late Actor Satish Kaushik, who recently passes away at the age of 66. He was died due to Heart attack on 9 March 2023.
Manu Manek Mundra’s Early Life
Manu Manek was born in Kolkata, India in the late 1947s to early 1951s estimated. He worked as a stockbroker after his graduation. He acquired extensive knowledge of the stock market during his time in the industry. He started investing his own money and gain substantial profits.
By the 1980s, Manu had earned a significant reputation as an influential figure on the Indian stock market. Many of people referring to him as the “KING of the BSE.”
Manu Manek was closely associated with many notable investors, including Rakesh Jhunjhunwala, Radha kishan Damani, Shankar Sharma Dinesh Dalmia, Ajay kayan, Ramdeo Agrawal, and Nimesh kampani. These individual becomes “Bulls and Bears” of the Indian stock market.
Manu Manek was known to use the bearish and Short-selling strategies to manipulate the stock market. Short-selling is the strategies where a person sell the stock at higher price and hoping that it will came down, then he will buy the stock. The difference between selling price and buying price is the profit margin of the stock. Later, By this strategies Manek Mundra become “Cobra of the Indian stock market.
Harshad Mehta vs. Manek Mundra
Harshad Mehta and Manek Mundra, the two legends of the Indian stock market are known for their competition against each other. One of their famous and memorable battles was over the shares of a company called “INDROL”. Manek held a short position, while Harshad Mehta held a long position.
Harshad Mehta was well known for increasing the demand for shares by pumping money into the market, as a result prices to skyrocket. The bear cartel, led by Manek Mundra , was forced to cover their short position, leading to massive losses for them.
Hence, the bear cartel tried to strike back by spreading false rumours about Harshad Mehta’s financial losses in the stock market. In response, Harshad Mehta made a counter-attack by paying all his dues to investors, securing their investments and preventing any further damage to his reputation.
Finally, Harshad Mehta emerged victorious in this battle against the bear cartel.
Manu Manek Mundra vs. Dhirubhai Ambani
Manek Mundra faced a formidable opponent in Dhirubhai Ambani, the founder of Reliance industries, in the late 1980s.
Despite Reliance’s success, Manek set his sights on the company’s shares and start short-selling them. But Manek underestimated Ambani’s determination to protect his investors and his company’s growth. Ambani enlisted his lieutenant, Anand Jain, to lead the defense against the bear Cartel’s strikes.
Jain and his associates begun buying up the shares of the reliance from manek, causing the price to rise. The bear cartel, who had only borrowed the shares with the intention of buying them back at a lower price, found themselves under pressure to deliver the real shares.
Hence, Due to this peak standoff between the Bear cartel and Ambani caused the BSE to close for several days.
In the end the bear cartel surrendered and paid their dues to Ambani and Jains.
Ambani’s approach to treating investors like family members was real keys for their victory over Manek and the bear cartel.
This episode highlights the importance of trust and loyalty in the stock market.
Closing Thoughts
In conclusion, After what happened with Harshad Mehta, The Bear cartel Manek had decided to stay away from limelight. This is the reason that why lesser people known about him.
That’s all form this post on Manu Manek Mundra, let us know what you think and share in the comments below. Happy Investing, Stay Learning!
Also Read :