Who was Manu Mundra? The Anonymous Black Cobra of Stock Market

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This comprehensive blog post will explore the life and legacy of Manu Mundra, who has become known as one of the most prominent figures in the Indian stock market (specifically on Dalal Street) from the 1980s to the 1990s. From his rise to fame to his impact on the Stock market, specifically on the Bombay Stock Exchange, we will uncover the story behind the enigmatic figure, The Black Cobra. Whether you are a fan of the ‘Scam 1992’ web series or simply curious about the stock market, this post will provide a captivating insight into the life and legacy of Manu Manek.

Who was Manu Mundra?

Manu Mundra, also known as Manu Manek, is believed to have been born in Kolkata in the 1940s to 1950s. After graduating, He started working in the stock market as a stockbroker, and later his primary profession became trading and StockBrokering. At that time, Manu Manek’s net worth is approximately $50 million. 

He had immense power and influence over the stock market because of his wealth and followers, such as Charter Raju, Rakesh Jhunjhunwala and Radha Kishan Damani. Many people around that time say Manu Was the “Kingpin” of the stock market. People used to say, “मन्नू भाई ना राजमा मार्केट मजामा” means there is profit and well money in the market under the rule of Mannu Mundra.

Many people associated with the stock market at that time say that because of Manu Mundra’s wealth and strong political connections, he used to rule the Bombay Stock Exchange. K. R. Choksey, a Stockbroker at that time, says that companies listed on the stock exchange had to take approval from Manu Manek for many things. 

Things such as electing a new director in the company, paying dividends, etc., required his permission. If a company doesn’t ask him or consider his opinion, then that company has to suffer losses cause Manu and his bear cartel used to dump that company’s share.

He was also known as the Manu Mandudia; Mandudia means ‘Mandi’ in Hindi. People believed that he was the reason for the fall in share prices. Let’s understand in more detail how Manu used to manipulate or short shares and earn money.

Bull Cartel and Bear Cartel

In the web series ‘Scam 1992’, we saw groups known as ‘Bull Cartel’ and ‘Bear Cartel’. Let us understand what these groups are and how these groups functioned at that time.

bull cartel vs bear cartel

Bull Cartel was a group of individuals like Harshad Mehta who sought to profit from the rising stock prices in the stock market. They used various strategies and tactics to drive up stock prices and benefit from the subsequent increase in value. During that time, both the Bull Cartel and Bear Cartel used the “Pump and Dump” technique to generate profits in the market. This technique involves artificially inflating the price of a stock through deceptive or manipulative means and then selling it for a profit when the price reaches a peak.

Individuals like Harshad Mehta often buy shares at low prices and manipulate the market to increase prices. This allowed them to sell the shares at a profit, capitalizing on artificially inflated stock prices. “The process of “Pump and Dump” consists of three key components:

  1. Buying at low prices
  2. Pumping: Artificially inflating the stock price through manipulation.
  3. Dumping: Selling the shares at a higher price and booking profits.

On the other hand, there were people like Mannu in the bear cartel. The people of Bear Cartel used to wait for the share price to increase first, and when they felt that the share price had increased too much, they used to short it. In this strategy, the trader makes a profit when the stock price declines. Bear cartel members would short shares that they believed were overvalued and ready to decline, which allowed them to profit from declining stock prices.

Manu Manek’s wealth was so vast that he lent money to traders at interest rates of 20-30% per annum. In return, he would also know which stocks the traders were investing in, and with this information, Manu used to short the shares when he knew that the traders had no more money to invest and used to make a profit out of those shares by shorting them.

So, these bull and bear cartel people who used to manipulate the stock price were also known as the stock operators.

Manu Manek vs Harshad Mehta

These strategies of Manu Manek worked until Harshad Mehta entered the market. After Harshad Mehta’s entry, Manu’s these strategies were not working cause Harshad Mehta used to manipulate share prices in the stock market with his client’s money and even banks’ money.

Manu Manek had no idea that Harshad Mehta could fetch so much money in the stock market. And that’s why, when Manu Manek and his beer cartel felt that the stock price was high and started shorting the stock, Harshad Mehta used to pump up the stock price by buying more shares. Due to this, Manu Manek and his bear cartel had huge losses in companies like Indrolis, ACC etc.

When the Scam 1992 was exposed, and the public became aware of the illegal activities, members of the Bear Cartel breathed a sigh of relief. They reportedly stated that if Harshad Mehta had remained invested in the stock market for seven more days, they would have lost all of their money.

Manu Manek vs Dhirubhai Ambani

In the 1980s, Reliance started doing well under the leadership of Dhirubhai Ambani. At that time, companies were not used to getting capital quickly, so the company’s promoters had to convince their investors, and then the investors agreed to invest in the IPO. Similarly, at that time, Dhirubhai Ambani had gone from city to city and convinced investors to invest in Reliance’s IPO. Investors also agreed to invest, and after that, the company was also doing a good performance.

During this time, Manu saw Reliance and started short-selling the company shares quickly and dumping the share price by manipulating them. Dhirubhai knew that if investors weren’t happy, the company would have difficulties raising capital in the future. Dhirubhai understands the problem, and to tackle Manu, he brings Anand Jain.

Anand Jain and his associates bought shares that Manu and his bear cartel were dumping. And due to this, Reliance’s share price increased rapidly. After this series of dumping and buying, the share price of Reliance increased a lot.

And Manu has to return the shares he was shorting to the broker cause he did not own those shares and was selling on credit. But most shares were bought by Anand Jain and his associates. There was no supply in the market; eventually, Manu accepted his defeat and took the loss. To settle all this mess Bombay Stock Exchange was closed for a few days.

Manu Manek Real Photo

manu manek real photo

This is the only photo I found on Quora that is said to be Manu Manek real photo. The guy on the left-hand side is Manu Manek. It was taken in the 1990s when Manu Manek, aka The Black Cobra, came to their house to meet his grandfather, who has a friendly relationship with Manu. You can read it on quora Manu Manek real photo.

This is the only photo that claims to be Manu Manek real photo, and I don’t know how accurate is this image also cause there is no authentic source where I can find Manu’s real photo.

Also Read: Is Stock Market Gambling?


This is all about Manu Manek, aka the Black Cobra of the stock market, who used to rule the Bombay Stock Exchange from the 1980s to 1990s. Many people like him or Harshad Mehta came into the market and thought they could rule over it.

But there is one thing they don’t understand: The stock market is unpredictable and can’t be controlled by any individual. Successful investing requires a humble attitude, willingness to learn from mistakes, and patience. It’s important to understand that the market is always right and make disciplined decisions.

Happy Learning 😊 & Happy Trading 😊.


An aspiring Finance student became obsessed with the stock market and decided to help beginners learn about it more easily. Created a website that would provide strategies and technical knowledge on how to get started in the stock market.

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