I’m out with a 17% loss on investment and around 1% loss on total PF. Placed a market sell order at 9:02 and it got executed in 5 mins.
I’ve been trying to keep calm but this is really nerve racking. I had been holding for more than a year. It’s my first time in this kind of situation in 4 years of active investing. I believe there’s still so much we don’t know about how this happened. The management seemed shifty on the call yesterday. Going by the RBI press release, the part that seems essential is:
‘Over the last few months, the RBI has been engaging with the senior management and the statutory auditors of the company on these deficiencies; however, no meaningful corrective action has been evidenced so far.’
Someone did ask why couldn’t this have been prevented, but the answer didn’t seem convincing. It seems they had plenty of time to talk and when that didn’t help, RBI acted. I also feel the RBI has gotten pretty active pretty quick, what with PayTM, this one and JM Financial, which doesn’t really rhyme with how regulators work in India. Perhaps things are changing for the better. But I’d keep my eyes and ears open. I wonder if the entry of a new player is a factor here.
I guess it’s best to talk about the learning from this. I learned not to get careless with any holdings. Charts seem more important now. After learning both funda and technical to some extent and reading a few books, I’m beginning to form a view that what matters is whether you’re making money or not. Nobody cares how you’re doing it. When such an event happens, all the fundas go out the window and you’re left wondering where you went wrong. Markets are not to be trifled with.
This all seems unjust in the short term but I’m trying to focus on the learning.
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