A massive build-up of F&O positions was being created in the Reliance Petroleum (RPL) stock at premier exchanges a few weeks before Reliance Industries sold its stock.
Obviously, some bravehearts in the market were willing to bet their shirts that the stock would fall. They bet big and in hindsight, they were proved correct. Their earnings? In hundreds of crores, say market sources.
The share witnessed a sudden spurt in volumes in the derivatives segment from October 24.
The volume build-up continued into uncharted territories till it hit a high of 16.22 crore shares outstanding on November 6.
On October 23, the total outstanding position was 4.71 crore shares. It fell to 1.46 crore shares on October 25, before polevaulting to 8.46 crore shares on October 26. Reliance Industries began selling RPL shares from November 14.
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