A Stock That Stopped Stock Market For Three Days
In 1982 Indian Stock Exchange was closed for three days because of one company share
It was the Mumbai/Bombay stock exchange in April 1982. Panicked traders ran in the halls of the stock exchange as they tried to assess the situation at hand. Usually, various companies trade in the stock exchange. That day the stock market opened for trading only one company — Reliance Industries. Reliance Industries, the company which is number one company in market capitalization, was fighting against a group of short-sellers. Yes, short sellers were problem creators even in 1982.
Reliance And India:
India in the 1980s was a closed economy. Due to its closeness to the USSR, India closed its market for foreign players and followed a socialist government. The Indian players in the market were monopolists with no opposition. Dhirubhai Ambani headed Reliance industries and shaped India for decades to come. He influenced election results, and there were rumors that he read the Indian budget before its tabled in the parliament.
