Radhakishan Damani

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Radhakishan Damani (RD) is a famous Indian businessman, who is termed as the Retail King of India. He is the fourth richest Indian as of 2021. [9]Forbes.RD dropped out in the first year of his college to start his ball-bearing business, and his father and brother were stockbrokers on Dalal Street.After the untimely death of his father, Mr. Damani was forced to close down his business and join his brother as a stockbroker. He made his first financial investment at the age of 32.During RDs initial years on Dalal Street, the market was ruled by the dreaded bear Manu Manek (nicknamed the Cobra by the brokers who disliked him). Radhakishan learned the strategies of shorting the stocks from Manu Manek, and later, he applied the same strategies to short the overpriced stocks of the Big Bull, Harshad Mehta.Mr. Damani was not very popular in the 1980s. Stockbrokers used to call him GS as it was written on his entry badge (used to enter the trading ring). In an interview, Deena Mehta (another famous stockbroker) described the early days of Mr Damani on Dalal Street by saying, He merely stood there and watched; he rarely called out trades he would just stand idle and understand the pulse of the market..Reportedly, RD was part of a group, triple-R, in the late 80s. The group comprised of Radhakishan Damani, a chartist named Raju, and the future Big Bull of stock market Rakesh Jhunjhunwala. Triple-R was famous for perpetuating the bearish trend in the stock market, rivalling the bullish ideologies of Harshad Mehta.Reportedly, Harshad and the group of Mr. Damani first competed with each other over the shares of Apollo Tyres. RD felt the value of the share was overpriced and began short selling the stock; however, Harshad manipulated the price of the share with his illegal funding. Mr. Damani and his friends faced huge losses at that time.After the financial scam of 1992 was exposed, a lot of people suffered huge losses. In an interview, post the exposure of the scam, Mr. Damani said, Agar Harshad saat din aur apni position hold kar leta, toh mujhe kathora leke road par utarna padta..RD is known to have helped many small times investors (who owed him money) by buying their undervalued stocks. He did the same thing by helping a fellow stockbroker, Deena Mehta, after the market crash of 2001 (Ketan Parekh Scam). In an interview, while talking about Mr. Damanis gesture, Deena quoted, When some of our clients got trapped in Videocon and BPL shares, RD helped us by taking over their positions These scrips had become unsalable as there were no buyers in the market. RD is a very positive player in times of crisis. Hes a shrewd investor; makes more money when hes bearish..The King of Stock Market Rakesh Jhunjhunwala acknowledges Radhakishan Damani as his market guru. In an interview, Rakesh said, I learnt trading from him He has wisdom, extreme patience and humility The patience he has to hear the other persons point of view is unbelievable He taught me life and shaped my nature. If he and my father had not been there to guide me, I would not have achieved such success. Radhakishan Damani with his protg Rakesh Jhunjhunwala.