long story short
Table of Contents
Bear cartel 1990’s ki ek aisi gang thi jo india ki entire stock market ko control karti thi! jisme the manu manek jisse log black cobra of dalaal street bhi kahte the, next aate he radhakishan damani jisne aage jaakar dmart ki shuruwat ki, aur the rakesh jhunjhunwala jinhe log warren buffet kahte he india ka. ye gang litterely goosebumb moment create karti he. chalo ek ek ke baare me jaante he :
Manu Manek Mundra – The Black Cobra (Leader)
Yeh banda tha asli mastermind! Manu Manek ko “Black Cobra of Dalal Street” kaha jata tha. 1980s me inhone ek powerful bear cartel banaya jisme Radhakishan Damani, Nimesh Kampani, Dinesh Dalmia, Ajay Kayan, Raamdeo Agrawal aur Shankar Sharma jaise log the.
Unka strategy kya tha? Woh short selling karte the – matlab brokers se shares udhar lekar bech dete the taaki supply badh jaye aur price gir jaye, phir saste me wapas khareed lete the aur profit book kar lete the. Us zamane me derivatives nahi the, toh yeh log badla system use karte the. Traders ko Manu Manek 20-30% interest pe loan dete the.
Kya hua Manu Manek ka? Jab Harshad Mehta aaye aur 1992 ka scam hua, uske baad bear cartel toot gaya. Manu Manek gradually market se fade ho gaye aur maana jata hai ke woh ab is duniya me nahi he. Unki real photo bhi mushkil se milti hai kyunki woh spotlight se door rehte the.
also read
Who is manu manek in real life? the black cobra of dalaal street who challenged dhirubai ambani!
Radhakishan Damani – The Retail King (Ab Sabse Ameer)
Yeh banda abhi 2026 me India ka sabse successful Bear Cartel member hai! Current net worth hai ₹2.15 lakh crore (around $26 billion USD), making him one of India’s top 5 richest people.
Kaise banaye paise?
Early 1990s me, Damani ne Harshad Mehta ke artificially inflated stocks ko short-sell karke badi profits kamayi. Woh HDFC Bank ke IPO ke baad largest individual shareholder ban gaye 1995 me.
Phir 2002 me unhone apna focus stock market se retail business pe shift kiya aur DMart (Avenue Supermarts) ki pehli store Powai, Mumbai me kholi. DMart ka business model tha – quality products at low prices.
DMart alone unke net worth ka 85% contribute karta hai. March 2017 me jab DMart ka IPO aaya, ek hi raat me Damani billionaire ban gaye – net worth ₹82,000 crore ho gaya!
Current Holdings (2026):
- Avenue Supermarts (DMart) – 61.4% stake worth ₹1,90,000 crore Traders Union
- VST Industries – 30.71%
- India Cements (sold in 2024)
- Sundaram Finance, United Breweries, Varun Beverages mein bhi stakes hain
Lifestyle: 2023 me unhone luxury apartment Three Sixty West me 28 housing units ₹1,238 crore mein khareed liye!
Rakesh Jhunjhunwala – The Big Bull (Ab Nahi Rahe)
Yeh banda originally Bear Cartel se associated tha but baad mein bull ban gaya! Sadly, Rakesh Jhunjhunwala 14 August 2022 ko 62 saal ki umar mein guzar gaye. Unki death ke time net worth thi US$5.8 billion (₹47,000 crore).
Kaise banaye paise?
1985 mein sirf ₹5,000 se start kiya tha! 1986 mein Tata Tea mein invest karke pehla bada profit – ₹5 lakh kamaye. Unlistedkraft Early 1990s mein Damani ki tarah unhone bhi Harshad Mehta ke stocks ko short-sell karke bade profits banaye.
Par phir woh complete bull ban gaye aur long-term investing pe focus kiya. Ab unki widow Rekha Jhunjhunwala manage karti hain portfolio ko, jo 2026 mein ₹54,524 crore worth hai with 27 listed companies.
Major Holdings (2026 – Rekha’s portfolio):
- Titan Company – ₹14,329 crore
- Star Health Insurance – ₹6,356 crore
- Tata Motors – ₹3,173 crore
- Akasa Air – Rakesh ne 2021 mein $400 million invest kiye the 40% stake ke liye
also read
Manu manek mundra vs Harshad mehta, The black cobra vs the big bull! 1990’s full fight explained
Raamdeo Agrawal – The QGLP Master
Raamdeo Agrawal ne Motilal Oswal ke saath 1987 mein Motilal Oswal Financial Services co-found kiya. According to Forbes, unka net worth hai $1.6-1.7 billion (₹12,202 crore) as of 2026.
Kaise banaye paise?
1987 mein Raamdeo sub-broker ke roop mein start kiye. Initially hand-to-mouth existence tha. Rakesh Jhunjhunwala, Radhakishan Damani aur Manu Manek se stock tips lete the jo clients ko recommend karte the.
Par unhone apna unique QGLP Framework develop kiya:
- Quality – Strong ROE aur good management
- Growth – 25% sales growth, 25% profit growth
- Longevity – Long track record wali companies
- Price – Right valuation
Raamdeo ka Motilal Oswal Financial Services mein 21.22% stake hai jo unke wealth ka majority part hai. Smallcase Unhone Asian Paints ko 1995 mein ₹50 pe kharid ke 25+ saal hold kiya – ab ₹3,000+ pe trade karta hai (60x returns)!
Investment Philosophy: “Buy Right, Sit Tight” aur famous 25-25-25 formula: 25% Sales Growth + 25% Profit Growth + 25% Return on Equity = Multibagger Stock
Shankar Sharma – The Alchemist
Shankar Sharma ka current net worth hai ₹132.3 crore (as of August 2025). Forbes ne inhe “The Alchemist of Dalal Street” ka title diya tha for turning overlooked stocks into gold.
Journey:
17 saal ki umar mein apni maa se ₹2,500 udhar lekar 250 shares khareed liye – aur 10x return banaya! 1989 mein 26 saal ki umar mein Citibank chhod ke sirf ₹5,000 capital ke saath First Global co-found kiya. Mabumbe
Unki fortune 1991-92 ke bull run mein bani jab unhone accidentally undervalued stocks jaise Karnataka Ball Bearing aur Scindia Steamship khareed liye. 5paisa 2015 mein GQuant Investech launch kiya jo data-driven quantitative investing karta hai.
Current Holdings (2026):
- Rama Steel Tubes
- Vertoz (digital advertising)
- Brightcom Group
- Thomas Scott India
- Priti International
- Drone technology companies
Investment Style: “Hare-ish” approach – alert aur ready to adapt. Multiple small bets instead of big concentrated positions. Global mindset with investments beyond India.
Other Bear Cartel Members
Nimesh Kampani, Dinesh Dalmia, aur Ajay Kayan bhi is cartel ke well-known members the, lekin inke baare mein zyada publicly available information nahi hai 2026 mein.
Bear Cartel Ka Epic Battle – Dhirubhai Ambani vs Manu Manek
1982 mein ek legendary showdown hua jisne poora BSE 3 din ke liye band karwa diya! Bear cartel ne Reliance ke shares ko Rs 131 se Rs 121 tak crash kar diya kyunki Reliance ka rights issue aane wala tha.
Par Dhirubhai Ambani ne “Friends of Reliance” ko activate kiya – Anand Jain (Mukesh Ambani ka childhood friend) ne lead kiya. Jitna bears bechte gaye, utna Friends of Reliance khareedte gaye – 11 lakh shares!
Settlement day pe bears ke paas physical shares nahi the deliver karne ke liye! Friends of Reliance ne ₹25/share “undha badla” (penalty) demand kiya. Bears ne refuse kiya, BSE 3 din close ho gaya!
Jab market khula, Reliance ka price ₹201 tak pahunch gaya! Bears ko massive losses se bachne ke liye high price pe shares kharidne pade. Badla eventually ₹2/share pe settle hua.
Transformation: Bears Se Bulls Tak
Harshad Mehta ke saath final battle ke baad, bear cartel members ne apni strategy badal li. Rakesh Jhunjhunwala aur Radhakishan Damani value investing pe focus karne lage, while Manu Manek gradually fade ho gaye.
Yeh log ab India ke sabse successful value investors mein gine jaate hain. Unka journey batata hai ke kaise short-term tactics se long-term wealth creation pe shift karke billions banaye ja sakte hain!
Moral of the story: Bear Cartel members ne prove kar diya ke adaptation aur patience hi asli wealth creation ka raasta hai. Jo log sirf short-selling pe atke rahe, woh gayab ho gaye. Par jinhone apni strategy evolve ki – jaise Damani aur Jhunjhunwala – woh India ke billionaires ban gaye! 🚀
also read :