logo
How Rs 5 Coins Helped Indian Army Vanquish Pakistan During The Kargil War

How Rs 5 Coins Helped Indian Army Vanquish Pakistan During The Kargil War

News182 days ago
Grenadier Yogendra Singh Yadav, awarded the Param Vir Chakra, survived a bullet as five-rupee coins in his chest purse absorbed the impact, saving his life during the battle
In July 1999, during the Kargil War, the Pakistani army believed it had secured a tactical edge in the Drass to Chorbatla sector, thinking these positions could offer leverage in the broader Kashmir conflict. Confident that India would struggle to reclaim the territory, it underestimated the challenges ahead. In an unexpected twist, a few five-rupee coins ended up playing a small but remarkable role in a series of events that helped shift the momentum—ultimately contributing to Pakistan's setback in the conflict.
After victories at Tololing and Point 5203, the Indian Army's 8 Grenadier, 8 Sikh, and 2 Naga Regiments were tasked with reclaiming Tiger Hill. Grenadier Yogendra Singh Yadav, part of the 18 Grenadiers team marching to Tiger Hill, shared that after walking all night, they spent the day hiding behind stones. As night fell, they advanced towards the enemy with Delta Company in support. Upon reaching the top, Captain Sachin Nimbalkar moved forward with his team for reconnaissance.
Unbeknownst to them, the enemy lay in ambush. When Captain Nimbalkar and his team were just a few feet from the enemy, the Pakistani army opened fire. The team took cover behind stones. The situation was dire as they could neither provide direct fire support nor request artillery support due to the proximity to the enemy. They managed to send a message to stay put behind cover and evacuated the team around 11:30 pm. One soldier was wounded, but the rest were safe.
As soon as the squad returned, orders for an attack were received. After walking all night, they faced a steep rock several hundred feet high. One by one, they started climbing, but the enemy detected their position from the sound of falling stones and began firing heavily. Before the firing started, Yogendra Singh Yadav and six others had crossed the rock. The rest were prevented from crossing.
By now, they had reached the top of Tiger Hill, about 50 to 60 meters away. They opened fire on both bunkers, killing all Pakistani soldiers present. The enemy, realising the Indian Army's presence, began heavy firing. The Indian soldiers fought back with captured enemy weapons. After five hours of continuous fighting, their ammunition was running low, prompting a new strategy. They stopped firing for 15 to 20 minutes, during which 10 to 12 Pakistani soldiers emerged from the rocks. The Indian soldiers opened fire, killing most of them.
Soon, 30 to 35 Pakistani soldiers attacked again, using all their weapons. During the assault, Yogendra Singh Yadav saw an enemy soldier standing on the same stone from which he was firing. The enemy threw two grenades directly at him. A grenade fragment hit below his knee, making him feel like his leg was severed, but it was still intact. Another fragment cut his face from nose to ear, numbing his entire face.
With his back to the hill, he signaled to the officer in front of him to raise a fist. As the officer extended his hand, a bullet struck him directly in the forehead, killing him instantly. Before the soldier beside him could react, another shot followed, hitting him in the head as well. Moments later, enemy troops surrounded them from the front, assuming that everyone in the group had been killed.
The Pakistani commander ordered a recheck, and the enemy began shooting each of the soldiers. Yadav was hit in the arm, thigh, leg, and finally, the chest. His purse was strapped across his chest, with a few five-rupee coins inside. Remarkably, the coins absorbed the impact of the bullet, preventing it from entering the body.
Though unconscious, a Pakistani soldier's foot hitting his leg revived him. Determined to fight, he threw a hand grenade that exploded within the enemy's coat. Taking advantage of the chaos, he killed three or four Pakistani soldiers and climbed down to inform his comrades.
With this information, the battle of Tiger Hill changed dramatically. The Indian Army now knew the enemy's positions, weapons, and hideouts. On the morning of July 8, after a decisive attack, the Indian tricolour was hoisted once again on Tiger Hill. Grenadier Yogendra Singh Yadav, who exemplified immense bravery in this battle, was honoured with the Param Vir Chakra, India's highest award for valour.
First Published:
July 02, 2025, 15:05 IST
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Jane Street Banned in India LIVE Updates: BSE, other capital market stocks take a hit; all you need to know
Jane Street Banned in India LIVE Updates: BSE, other capital market stocks take a hit; all you need to know

Mint

time17 minutes ago

  • Mint

Jane Street Banned in India LIVE Updates: BSE, other capital market stocks take a hit; all you need to know

Jane Street Banned in India LIVE updates: SEBI, in its order on July 3, announced banning Jane Street, a US-based trading firm, from accessing the Indian stock market for allegedly manipulating the stock market through positions in India's booming derivatives trade. As per a PTI report, this could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (SEBI). What is Jane Street? Jane Street Group was established in 2000 as a global proprietary trading firm in the financial services industry. According to the company's website, it has more than 3000 employees across five global offices. We trade a broad range of asset classes on more than 200 venues in 45 countries. What did SEBI order say? In its interim order, the regulator has debarred JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading, entities collectively referred to as the Jane Street Group, from trading until further notice, while continuing its investigation. The Jane Street Group has come under Sebi's scrutiny for allegedly manipulating index levels in the stock market to earn illegal profits, primarily through the highly liquid Bank Nifty and Nifty index options segments. Follow updates here: 04 Jul 2025, 02:48 PM IST The capital market stocks fell today after SEBI barred US trading firm Jane Street from the Indian stock market over alleged manipulation in derivatives trading. Angel One slumped 6%. BSE share price was down 6.4% and Central Depository Services (India) fell 3.5%. Nuvama Wealth Management, which is Jane Street's India trading partner, fell more than 9%. 04 Jul 2025, 02:40 PM IST SEBI, in its 105-page order, accused Jane Street of manipulating the Bank Nifty index—an index made up of 12 top financial stocks and popular in derivatives trading. According to SEBI, Jane Street followed two key trading strategies over more than two years that were designed to unfairly move the index. Here's how it worked: In the morning, Jane Street would buy large amounts of Bank Nifty stocks and futures to artificially push up the index. At the same time, they were placing big bets against the index using options. Later in the day, they would reverse their trades—selling what they bought earlier—to drive the index back down and profit from the drop. SEBI said this created a false sense of market activity, tricking other traders into buying or selling at misleading price levels. On days when Bank Nifty options expired, Jane Street also made large, focused trades near market close, which SEBI says was an attempt to influence the final price of the index in their favour. 04 Jul 2025, 02:21 PM IST Market regulator banned US-based trading firm Jane Street from operating in the Indian stock market, accusing it of manipulating stock indices through its trades in the derivatives segment. In what is SEBI's toughest action yet against a foreign firm, the regulator said in an order on July 3 that Jane Street and its related companies are no longer allowed to trade in India. SEBI also seized ₹ 4,843 crore from the firm, calling it illegal profits made through the alleged manipulation.

How US trading firm Jane Street manipulated Indian markets to earn hundreds of crores in a single day
How US trading firm Jane Street manipulated Indian markets to earn hundreds of crores in a single day

First Post

time17 minutes ago

  • First Post

How US trading firm Jane Street manipulated Indian markets to earn hundreds of crores in a single day

The Securities and Exchange Board of India (Sebi) has accused the quantitative trading firm Jane Street and its entities of manipulating the Indian securities market. Sebi has ordered the confiscation of 'illegal gains' to the tune of Rs 4,843 crore. But what happened? How did Jane Street make a profit of hundreds of crores in a single day? read more The Securities and Exchange Board of India (Sebi) has given Jane Street 21 days to file a response or challenge its order. Reuters US trading firm Jane Street has been banned from accessing the Indian securities market. The Securities and Exchange Board of India (Sebi) has accused the New York-based company and its entities – Jane Street Singapore Pte. Ltd., Jane Street Asia Trading Ltd., JSI Investments Private Ltd., and JSI2 Investments Private Ltd – of manipulating the securities market to make a profit of thousands of crores. 'Entities are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly,' Sebi said in its interim order. STORY CONTINUES BELOW THIS AD Sebi has said it is confiscating illegal gains to the tune of Rs 4,843 crore. It has ordered the company to deposit that money into an escrow account with a commercial bank. Sebi said the ban on Jane Street and its entities will remain in place until the investigation is complete and it passes the final order. Jane Street has said it disagrees with Sebi's decision and that it will be in touch with the market regulator. 'Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world', the firm said. But what happened exactly? How did Jane Street allegedly manipulate markets to the tune of hundreds of crores in a single day? Let's take a closer look: A brief look at Jane Street Let's take a brief look at Jane Street. The company, founded in 2000, is one of the world's largest quantitative trading firms. Quantitative trading firms rely on maths and algorithms to buy and sell shares and securities. This has the benefit of taking humans and their emotions out of the equation – quite literally. Many firms and hedge funds engage in high-frequency quantitative trading. This is when hundreds of thousands of shares are bought and sold in the blink of an eye. STORY CONTINUES BELOW THIS AD Quantitative trading firms rely on maths and algorithms to buy and sell shares and securities. Jane Street has been in the news recently for being exceedingly successful. The firm in 2024 reportedly generated net trading revenue worth $20.5 billion. This is more than what major behemoths such as Citigroup and Bank of America generated. The firm is now a major force on Wall Street. The company has gone global with offices around the world including in London, Hong Kong, Singapore and Amsterdam. Jane Street is said to have raked in billions from trades in the Indian markets alone. What happened? The reports in major media outlets about Jane Street's incredible performance in Indian markets came to the attention of Sebi. The Indian market regulator in April 2024 opened a preliminary investigation into Jane Street's trades in India between January 2023 and March 2025. Sebi in July 2024 directed the NSE to look into Jane Street's trades. 'Sebi observed what appeared to be abnormally high or low volatility on weekly index options expiry days. Further, Sebi noted that there were certain entities consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O (futures and options), particularly on expiry days,' the NSE report stated. STORY CONTINUES BELOW THIS AD The market regulator in its 105-page order claimed that Jane Street and its Indian entities manipulated the Bank Nifty index by taking massive positions in derivatives. The investigation, which examined Jane Street's trading patterns, found that the firm employed two major strategies to manipulate the indexes. It said the firm and its entities would purchase massive amounts in the Bank Nifty index in morning trade. This would usually be done in the cash and futures markets and thus artificially boost the index. In the meantime, the firm and its entities would also take huge short positions in index options. Then, later in the day, the company would reverse its options positions completely. For example, on January 17, 2024, Jane Street suffered a loss of Rs 61.6 crore in the cash and futures. However, it also booked a profit of Rs 734.93 crore in Bank Nifty index options. It executed a similar strategy on July 10, 2024. STORY CONTINUES BELOW THIS AD Sebi said it found 'highly concentrated activity' particularly in the last hour before the market closed. It said that Jane Street did this on well over a dozen occasions – 15 times with the Bank Nifty and three times with the Nifty. 'By moving the BANKNIFTY index with large and aggressive buying followed then by large and aggressive selling, JS Group was creating a false or misleading appearance of market activity. In the bargain, it was enticing unsuspecting entities trading in BANKNIFTY index options to trade at interim levels that were artificial and temporary," Sebi said in its order. Sebi said that, under its rules, this is tantamount to manipulating the index market. Sebi said it found 'highly concentrated activity' particularly in the last hour before the market closed. Reuters It said such Jane Street and its entities engaged in 'egregious manipulation of the prices of securities and benchmark indices for their own illegal gains, to the detriment of several lakhs of small market participants'. In the two-year time period that the Sebi investigated, Jane Street was found to have made a profit of Rs 44,358 crore in options, lost Rs 7,208 crore in stock futures, Rs 191 crores in index futures and Rs 288 crore in cash. STORY CONTINUES BELOW THIS AD Nevertheless, Jane Street made an overall profit of Rs 36,671 crore. Sebi has impounded the profits made in all the 18 days it found between the two-year period. It is this money, which amounts to Rs 4,843 crore, which the Sebi has confiscated as 'illegal gains'. Sebi has given Jane Street 21 days to file any reply or objections to its order. The company can also challenge the Sebi order judicially via the Securities Appellate Tribunal. India derivatives market India is the world's largest derivatives market. It comprised nearly 60 per cent of global equity derivative trading volumes of 7.3 billion in April, according to the Futures Industry Association. However, derivatives are not for the faint of heart. Sebi last year released a study showing that though foreign firms made money trading in index derivatives, retail investors did not. In fact, individual investors have lost Rs 1.8 lakh crore in index trading over the past two years. A source in the know of Sebi's thinking said the decision to bar Jane Street was announced on a Thursday evening after the week's derivative cycle expired. STORY CONTINUES BELOW THIS AD This would thus minimise any wider impact on the markets. Also, starting July 1, the regulator has tightened rules for positions being taken in derivatives which would help limit the impact if any, the source added. Market liquidity is unlikely to be impacted, the source said, declining to be identified as they are not authorised to speak to the media. With inputs from agencies

How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings
How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings

Economic Times

time18 minutes ago

  • Economic Times

How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings

Sebi's first look into Jane Street's trades came in April 2024, triggered by media reports referencing a legal dispute in the US Market regulator Sebi on Friday barred Jane Street Group from India's securities market and ordered a freeze on Rs 4,840 crore in alleged unlawful gains. But the move was not sudden; it followed a 15-month-long trail of regulatory scrutiny, caution letters, and what Sebi described as repeated disregard by the U.S.-based trading firm. Here is how the events unfolded leading up to the July 4 order. Sebi's first look into Jane Street's trades came in April 2024, triggered by media reports referencing a legal dispute in the US. The matter involved the alleged unauthorised use of Jane Street's proprietary strategies in Indian markets, prompting Sebi to begin an internal review. On July 23, 2024, SEBI asked the National Stock Exchange to examine the trading activity of the Jane Street Group (JS Group) to determine whether there was market abuse involved. Sebi officials met with the firm on August 20, and Jane Street submitted a written explanation of its trades on August 30. Amid rising concerns over aggressive expiry-day trading in index options, Sebi issued a circular on October 1, 2024, announcing policy steps to curb overtrading on expiry days, a structural issue the regulator was beginning to link to the strategies deployed by large trading firms. On November 13, the NSE submitted its examination report on JS Group's trading patterns to December, Sebi had observed what was described as 'abnormally high or low volatility on weekly index options expiry days.' It flagged certain entities, including Jane Street, for 'consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O, particularly on expiry days.'A team of Sebi officials was constituted to conduct a deeper, more comprehensive investigation. On February 4, 2025, SEBI's internal team found prima facie evidence of a violation of its PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations by Jane Street. Two days later, NSE, acting on SEBI's instruction, issued a caution letter to Jane Street Singapore Pte Ltd and JSI Investments Pvt Ltd. The entities were 'advised to refrain from taking large (cash-equivalent) positions and to refrain from undertaking certain trading patterns.'Jane Street responded to the letter on February 6 and again on February the caution, Jane Street 'was observed to continue to run very large 'cash-equivalent' positions in index options,' Sebi said. These positions appeared similar to the ones flagged earlier, prompting the regulator to prepare enforcement action. On Friday, Sebi issued an interim order barring Jane Street and its affiliates from accessing India's securities market and directed the impounding of Rs 4,840 crore in alleged illegal gains. The regulator also instructed banks to freeze withdrawals from accounts linked to Jane Street Singapore, JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, and Jane Street Asia Trading Ltd. Sebi alleged that Jane Street repeatedly used high-volume, cross-segment strategies to distort index levels of Bank Nifty and Nifty 50 during weekly expiry days, misleading large numbers of retail traders and booking enormous profits. One such 'Intra-day Index Manipulation' strategy involved buying Rs 4,370 crore worth of Bank Nifty stocks on the morning of January 17, 2024, to inflate the index, only to unwind the trades later while holding bearish options bets — earning Rs 734.93 crore that day regulator has ordered the impounding of Rs 4,840 crore in alleged unlawful gains, directing banks to freeze any debit transactions from Jane Street-linked accounts without its to Sebi's order, Jane Street made Rs 36,500 crore in net profits from Indian markets between January 2023 and March 2025, with Rs 43,289 crore coming from index firm allegedly deployed these manipulative strategies on all 18 expiry days SEBI examined, using 'intra-day manipulation' on 15 days and 'extended marking the close' tactics on the said the firm's strategy misled retail traders into dealing at distorted prices. 'What sets apart the trading pattern of the JS Group as prima facie being manipulative is the intensity and sheer scale of their intervention in the underlying component stock and futures markets,' the order said. Also read | Sebi bars U.S. trading firm Jane Street from Indian markets, orders Rs 4,840 crore freeze over alleged Nifty manipulation While the NSE had closed its probe after reviewing a response from Jane Street's local trading partner Nuvama Wealth, SEBI decided to pursue enforcement action, culminating in Friday's ban.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store