Indian long oil traders gone bankrupt yesterday...

Indian long oil traders gone bankrupt yesterday even when markets were closed .Got permanently quanta tine .total loss is 400crs.Now need to sell there houses

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Deal Cadet
79
302
2
Indian long oil traders gone bankrupt yesterday even when markets were closed .Got permanently quanta tine .total loss is 400crs.Now need to sell there houses

Yesterday was crude expiry in India .But due to covid issue exchange got closed @ 5pm and price got closed @ 900rs for 1 barrel i.e 170 litres .But as per exchange rules , they will take the settlement price of night closing of USA closing …which got closed @-3000rs per barrel .Now those person who thought 900rs is what close was got big current when brokers debited there accounts and held there money…..So, now every trader have a pay 4 lakh for just 1 lot itself .

https://ibb.co/c...2Y

Now brokers money is blocked and so do clients …

https://www.moneycontrol.com/news/business/mark...

3 Comments  |  
4 Dimers
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Deal Subedar
7
2016
42

many brokers will b bankrupt !!! and so will b traders !!!
god save us all !!!

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Deal Subedar
1,269
2617
36

No one cries when prices go up, every trader/client/broker seems happy
And for once price went down, people are crying for bankruptcy pensive

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Deal Newbie
55
32
0

We indian have mentality of saving when we have good time for future.as of now that saving will be useful.currently we can  use it in control so we don’t take much tension.

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