New Delhi: The allegations of American short seller firm Hindenburg Research have created a stir in the shares of Adani Group. Adani Group Chairman Gautam Adani's net worth has registered a huge decline due to the sale of shares of various companies. Once Adani even went out of the list of top-20 rich, but after two days he came back and reached back to 17th position. However, just before Hindenburg's negative report, Adani was the fourth richest person in the world. 

However, the Adani group has categorically rejected Hindenburg's allegations, calling it just a bundle of lies. But, despite this, shares in Adani's companies have dropped by 65 percent. After a week's decline, once again the shares of Adani Group are seeing a slight rise. But, if we look at the history of the stock market and this game of besieging industrialists, about 40 years ago, industrialist Dhirubhai Ambani was also surrounded in a similar case. Dhirubhai Ambani dealt with this matter with his courage at that time and even today that courage of Dhirubhai Ambani is mentioned.

Actually, the kind of crisis Adani is facing today, something similar happened with Dhirubhai in 1982. At that time, Dhirubhai had shown some big brokers of the stock market with his wisdom and courage, how dangerous it could be to play with his company Reliance. Due to this step of Dhirubhai, on 18th March 1982, there was chaos in the Mumbai Stock Exchange. In the year 1977, Dhirubhai Ambani decided to list his company Reliance in the stock market. At that time Reliance had issued about 28 lakh equity shares at the rate of Rs 10 a share. In less than a year, the share price of Reliance Company had increased more than 5 times to Rs 50. After this, in 1980, the price of one share of Reliance increased to Rs 104 and in 1982 it increased by 1.8 times to Rs 186. Like in the current period, the shares of Adani Group have boomed. After that Dhirubhai Ambani planned to raise money through debentures. Debentures are a way for companies to collect capital through debt.

However, even at that time some big brokers of the stock market sitting in Kolkata conspired to drop the shares of Reliance. For this, under a plan, Reliance shares were sold on a large scale. Actually, it was thought from the brokers that big investors would not buy the falling Reliance shares, and at that time it was also a rule that the company could not buy its own shares. That is, in a way, the brokers had hatched a complete conspiracy to make profits themselves by toppling Dhirubhai Ambani, as Hindenburg is doing today.

Short selling was also a part of the conspiracy at that time:-

In fact, even at that time, the brokers were doing 'short selling' to bring down the share price of Reliance. The conspiracy of the brokers was that they would return the shares borrowed from the brokerage by buying them from the market at a lower price and earning huge profits. According to this conspiracy, the brokers sold about 3.5 lakh shares of Reliance through short selling in about half an hour. Due to the sale of so many shares at once, the price of one share of Reliance fell from 131 to 121 rupees. Actually, the brokers sitting in Kolkata wanted to fill their pockets by reducing the share price of Reliance, i.e. by 'short selling'. Hindenburg, the company which issued a negative report on Adani, also earns money through 'short selling'. That is, first they create such situations by issuing reports that the share prices of the company fall, and then they earn money through short selling. 

The same trick was played by the brokers of that time with Dhirubhai, but as soon as Dhirubhai Ambani came to know about this trick of the brokers, Dhirubhai using his intelligence convinced some brokers to buy shares of Reliance Textile Industries. After which the real game started, on one hand, brokers sitting in Kolkata were continuously selling Reliance shares in the Mumbai stock market, on the other hand, brokers favoring Ambani were buying shares, due to which the share price started climbing up instead of falling down and then the share price increased to Rs 125.

Altogether 11 lakh shares of Reliance Textile Industries were sold and out of which 8 lakh 57 thousand were bought by Dhirubhai Ambani's brokers. Due to this, the brokers who were dreaming of earning money by toppling Dhirubhai in Kolkata got trapped in their own trap. After that when the next Friday came, Ambani's brokers asked for shares from the brokers sitting in Kolkata. The brokers of Kolkata did not have shares due to futures trading. The condition of those who had sold shares at Rs 131 worsened. Because by then the price of the original share had reached very high and if the brokers asked for an extension, then the brokers would have to pay a compensation of Rs. 50 per share.

But, Dhirubhai's brokers refused to give time to the brokers of Kolkata. After this, the brokers got a big shock and had to buy and sell shares of Reliance Textile Industries at higher prices. At that time this matter had become so big that the stock market had to be closed for 3 days. After which Reliance did not look back. With this move of Dhirubhai Ambani, retail investors' confidence increased even more in the company. Today Hindenburg is also trying to make profits by playing the same trick against Adani, now it will be interesting to see how Gautam Adani deals with this crisis.

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