Manu Manek: Why is he called the Black Cobra?
Whenever anyone talks about stock market scams, "Harshad Mehta" is usually the first name that comes to mind. Harshad Mehta was known as the "Big Bull" of the stock market because he used to hike the prices of the shares by manipulating the share market.
Recently the life story of Harshad Mehta got picturized through a web series named 'Scam 1992' on an OTT (Over The Top) platform SONY LIV, which gained nationwide popularity and brought the infamous scam to the public eyes once again.
Before Harshad Mehta, in the late 1980s, 'Manu Manek' was a bigger personality in the stock market, which used to manipulate the market by his bearish moves.
Manu Manek indulged in the short-selling of shares to earn profits. He was so powerful that in the late 1980s, the BSE (Bombay Stock Exchange) was shut down for a few days.
After 'Scam 1992', a lot of viewers were also intrigued to know about the Cobra, Manu Manek and how he dictated the market and formed the bear cartel group? Or what does 'bull-bear' and short-sellings mean?
So, let's take you on his journey by collectively looking at all of these things.
Who was Manu Manek?
A leading operator in the late 1970-80s, Manu Manek dictated the market until Harshad Mehta came to the forefront.
Manu Manek, in the words of Kisan Ratilal Choksey, the founder of K R Choksey Shares and Securities, was a legendary personality and powerful operator who dictated the market. Without his nod, it was impossible to become a director of a company. Apparently, on the day of the election, he would send the names or list of directors to companies - and only those people ever got elected".
This statement definitely gives an idea of how powerful Manu Manek was!
The Beginning
Manu Manek was born between 1948 and 1952 (estimated) in Kolkata, India. After finishing his graduation, he worked as a stockbroker in the stock market. After spending years as a stockbroker, he gained knowledge of the stock market and started investing money by analyzing the market and earning huge profits.
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