Everyone now knows about the big bull Harshad Mehta (HM)
But did you know DMart founder RKD bet heavily against the big bull in those days? He was joined by two others – Raju (chartist) and RJ, who was a young amateur trader then
Together, they were called the ‘Triple-R’ group
But did you know DMart founder RKD bet heavily against the big bull in those days? He was joined by two others – Raju (chartist) and RJ, who was a young amateur trader then
Together, they were called the ‘Triple-R’ group
HM was already surfing large waves in Indian stock market. The growing clout of 'triple-Rs' gradually launched them into the orbit of HM.
Triple-Rs learned tricks to short stocks from the original short seller – The Black Cobra i.e. Manu Manek.
Triple-Rs learned tricks to short stocks from the original short seller – The Black Cobra i.e. Manu Manek.
HM and 'triple-Rs' first locked horns over Apollo Tyres. HM was long in the stock, but triple-Rs could not digest such high valuations for the co.
Learning from the Cobra, triple-Rs went on shorting the stock, without really knowing the source of HM's endless funding.
Learning from the Cobra, triple-Rs went on shorting the stock, without really knowing the source of HM's endless funding.
HM went on shoveling in the money and triple-Rs continued to bleed every single day as the stock price surged.
It came to a point when triple-Rs could not take the losses anymore. They exited the position cutting huge losses.
It came to a point when triple-Rs could not take the losses anymore. They exited the position cutting huge losses.
RKD is believed to have said “Agar Harshad saat din aur apni position hold kar leta, toh mujhe kathora leke road par utarna padta”
For two long years, there was a long war between Harshad Mehta and the triple-Rs.
For two long years, there was a long war between Harshad Mehta and the triple-Rs.
Not many know this: RKD was a punter earlier. He came too close to bankruptcy during the Harshad Mehta bull run. He then turned into a long-term investor after the Harshad Mehta Scam in 1992.
Later, he bailed out many investors in the aftermath of Ketan Parekh scam (2000-01).
Later, he bailed out many investors in the aftermath of Ketan Parekh scam (2000-01).
However, he then became inactive in the market between 2001 and 2004 as he was busy setting up Avenue Supermarts.
Today, RKD is worth ~$15 bn and RJ worth $2.7 bn.
Now, RJ is known as the big bull in the Indian stock market.
/end
Today, RKD is worth ~$15 bn and RJ worth $2.7 bn.
Now, RJ is known as the big bull in the Indian stock market.
/end
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