Excerpt from:
https://www.livemint.com/market/mark-to-market/a-brief-history-of-short-squeezes-before-gamestop/amp-11611916187973.html
Dhirubhai Ambani was incensed when he realized a bear cartel was trying to profit by shorting Reliance shares, and that too just ahead of a large convertible debentures issue by the company. And like Saunders, he too, decided to single-handedly fight the bear cartel. But unlike Saunders, the bears were squeezed and Ambani won, giving him a legendary name in Dalal Street.
At the time, the Bombay Stock Exchange followed a 14-day settlement cycle. In other words, settlement of buy and sell transactions happened only once every fortnight. While the bear cartel had initial success in driving shares of Reliance down, a group called "Friends of Reliance Association" was quick to purchase the shares that were being sold and supported the stock. Eventually, when it was time to make good the delivery of the shares, it turned out that the bears had nowhere else to go but Reliance or its friends. Chander Uday Singh, a journalist for India Today in the 1980s, wrote, “panic-stricken bears promptly began bidding for any Reliance shares that were available in an attempt at fulfilling their sale commitments. In the bedlam that followed, the stock exchange had to be shut down for three days while the exchange authorities tried to bring about a compromise between the unyielding bull and the bears."
Eventually, the bears bore a loss of over ₹3 crore, according to reports, and Ambani and Reliance earned the following reputation, according to Singh: “Play with Reliance shares, and you play with fire".
Singh’s report highlights that the battle led to losses for investors trading even in other shares.
Dhirubhai Ambani
Dhirajlal Hirachand Ambani, popularly known as Dhirubhai Ambani (28 December 1932 – 6 July 2002) was a successful Indian business tycoon who founded Reliance Industries. Ambani took Reliance public in 1977 and was worth $25.6 billion upon his death. In 2016, he was honoured posthumously with the Padma Vibhushan, India's second-highest civilian honour for his contributions to trade and industry.
See other Wikipedia Page of the Day posts on /r/IndiaNews .
The Delhi Police on Wednesday arrested an 18-year-old boy who was the administrator of the group "Bois Locker room". TOI on Wednesday was the first to report about the boy being picked up from Noida. However, the documents to establish his age were being verified.
Investigating officials revealed that the accused boy had recently appeared for his class 12 board examination and was awaiting the results. During interrogation, he told the police that he had created the group, but did not know everyone on the group personally and had added them through mutual references
"The Cyber cell has asked for information about the alleged group and its members from Instagram . The report from the Platform is awaited. The devices of the identified members of the group have been seized and sent for forensic analysis. The role of other group members is being ascertained,” Said Anil Mittal, additional PRO, Delhi Police.
DCW issues notice to police, Instagram over ‘bois locker room’ revelations Instagram had earlier said it takes the issue "very seriously" and does not allow such behaviour.
#This happened much before Delhi Incident and there was no media attention. Was it because boys were under 18?
https://www.reddit.com/r/BollyBlindsNGossip/comments/ed8mco/this_veteran_actors_nephew_suspended_for_passing/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
How was the crowd?
Why is it banned in India?
What are takeaways from the book?
