The name of Manu Manek is not unknown in the world of the stock market.
Before Harshad Mehta came gained dominance, Manu Manke was the uncrowned king of the stock market, he used to manipulate the market with his bearish moves.
He used short-selling and bearish methods to earn a fortune in the stock market.
In the 90s Manu Manek also attacked Reliance, which was owned by Dhirubhai Ambani but the Reliance was somehow saved by Dhirubhai Ambani countered Manu Manek’s bearish attack and saved Reliance from falling.
Manu Manek has such an influence on the market that in the late 1980s, BSE was shut down for a few days.
Today in this blog we will tell you everything you need to know about Manu Manek.
Table of Contents
Who Was Manu Manek?
According to the founder of K R Choksey Sharesand Securities, Kishan Raitilal Choksey “Manek was a legendary personality and a powerful operator who dictated the market. Without his nod, it was impossible to become the director of a company. Apparently, on the day of the election, he would send the name or list of directors to the companies and only those people ever got elected.”
Manu Manek Mundra was the owner of the first bear cartel in India, by profession he was a stockbroker.
He was the leading operator in the late 1970-the 80s, and after that, Harshad Mehta took the lead.
It was said that without Manu’s nod, a person couldn’t be appointed as a director of the company, at the day of the election, Manu Manek used to send the list of names of directors of the company and only those people were elected.
At his peak time, there was a popular saying in the market “Manu Bhai na raaj ma market Maja ma“.
Manu Manek was the most powerful and one of the richest men at that time, his bear cartel was feared by each bull as his bear cartel was very dynamic.
During his time, he could crash any share from 100 to 1 within seven days and at that time the rules were also not very strict.
He was the uncrowned king of the Bombay stock exchange (BSE) and without his gesture or nod not a single task was executed, this was the power of Manu Manek.
Manu Manek had guided or was closely associated with the people that are the current market’s “Bulls and Bears“. It includes famous stock market personalities like Rakesh Jhunjhunwala, Radha Kishan Damani, and many other big investors.
According to Economic Times, “Radha Kishan Damani, then in his late 20s, would stand at the far end from the trading ring and watch Manu Manek in action. It is evident that young Damani learned a lot by watching Rafty Manek spoiling the Bull’s Party.”
Manu Manek’s Early Life
There is not plenty of information available on Manu Manek because he hardly included himself in the world of media and news, but we still found some pieces of information about his early life.
Manek was born in Kolkata his birth year is estimated to be somewhere between 1948 to 1952.
He belonged to a middle-class family.
He completed his schooling at a local private school and entered the world of the stock market after completing his graduation.
After gaining some experience in the stock market he began to actively invest in companies and started earning huge fortunes.
It was said that Manu Manek has a natural gift for reading the market.
His accurate prediction and analysis made him a famous personality in the Indian stock market/ Dalal Street.
Why Was Manu Manek Known As The Black Cobra?
Amongst the other nicknames of Manu Manek, the most famous was the black cobra.
He was called a black cobra because of his dull appearance.
It was said that Manu Manek, the black cobra of Dalal Street would wait coiled up and ready to strike once the stock price crescendoed.
Manu Manek’s bear cartel.
Manu Manek was not alone in his short-selling strategies.
He formed a bear cartel that assisted him with his short-selling strategies. To sway the market in a particular direction Manu Manek needs more strength in numbers, hence he formed India’s first bear cartel.
Manu Manek’s Net Worth
Manu Manek was a famous personality in the Indian Bombay stock exchange, he had a towering net worth of $50 Million.
Harshad Mehta vs Manu Manek
The most famous instance when the bull and the bear clashed was in the case of a company called Indrol.
Manu Manek as usual adopted the short-selling method in his stocks whereas Harshad Mehta was on the other side with a long position.
Harshad Mehta increased the buying pressure on this stock and made Manu Manek lose his ground.
To attack the credibility of Harshad Mehta, the black cobra spread a rumor that Harshad has lost Rs. 1 crore in the stock.
But ultimately Harshad won by clearing all his dues.
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Conclusion
Manu Manek was a very influential person in the world of the stock market. He passed away in the year 1997, and the reason for his death is still unknown. During his workdays, Manu did many frauds and scams but was ultimately crushed by the big bull Harshad Mehta.
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