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Smart Traders make Rs 1000 crore in a month; Under SEBI scanner |
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Raghu had blogged about the Friday sale of 4% equity in Reliance Petroleum on his blog . This fact has bought RPL under the SEBI scanner and Raghu sincerely hopes that these sharks are taken to task for such dubious acts which ruin the stability of the market.
Mint has carried an article on this and also the so called Smart Traders, who are a hoax group, also made it to the news in Financial Express
Read on to read how this group made Rs 1000 crores within a month!
Reliance Industries announced last Friday sale of 4% equity in Reliance Petroleum Ltd. at an average price of Rs.223 per share.
These sales were made between November 10 and November 23,2007.
Interestingly just one week prior to RIL (owned by Mukesh Ambani) selling the shares, an unknown group of people bet their shirts on a fall in Reliance Petroleum’s share price, in a magnitude never seen before in Indian stock markets.
Between November 1 and November 6, 2007, this group made short sales of 10crore shares of Reliance Petroleum in the futures segment of National Stock Exchange.
These short sales were made at prices between Rs.275 and Rs. 295 per share.
These numbers are based on official data published by NSE.
The value of these short sales is an unprecedented Rs.3,000 crores approximately.
This group of persons has made a cool profit of approx. Rs 1,000 crores in less than a month, because the Reliance Petroleum shares have now crashed from Rs.295 to Rs 195 per share!. These guys have made Rs.100 per share.
Who are these super smart traders? Are they smarter than even the smartest businessman in India, Mukesh Ambani??His company, RIL, sold the shares at Rs.223 per share but these guys sold at Rs.275 to Rs.295 per share. |
