Sharp Traders On Dalal Street Effortlessly Mint Fortune In Adani Group News Fiasco

The steep volatility caused by the alleged wrong reporting by ET enabled some sharp traders to rake in big bucks.

ET appears to have a penchant for sensational reporting.

Some months ago, ET alleged that there was an alleged siphoning of funds by the promoters of UPL.

This caused the stock price to plunge 15%.

However, when Jai Shroff, the CEO, clarified that the alleged whistleblower was perhaps none other than his estranged wife, the stock recovered and has nearly doubled.

Similarly, ET reported that there was a malpractice amounting to Rs. 1000 crore in IIFL, which the Company vehemently denied.



This time, when ET alleged that NSDL has frozen the accounts of three foreign funds which together own over Rs 43,500 crore worth of shares in four Adani Group companies, the traders of Dalal Street were ready to take advantage.



They waited a few minutes for the stocks of the group to plunge and thereafter aggressively bought Futures and Calls.

Manu Bhatia, a veteran trader who is known for his mastery in such situations, effortlessly pocketed a fortune of Rs. 28 Lakhs.



Asit Baran Pati, also a noted trader, raked in Rs. 15.33 Lakh.



Other traders also proudly posted screenshots of their mega earnings from the episode.

According to Shai, an expert on Order Flow, there was a flood of sell orders on Adani Enterprises from 0915 to 1003 hrs, which turned into a flood of buy orders from 1005 hrs onwards.Obviously, the traders timed it to perfection.



It appears that the entire allegation was wrong because NSDL itself confirmed that the FPI accounts are not frozen and they are free to do normal activity.







Anyway, whatever may be the merits of the allegation, the traders at Dalal Street are not complaining. They are hoping that there will be more such opportunities which will enable them to rake in riches!