Indian Bra Industry in Free Fall After "The Jindal Factor" Report
Goldman Sachs downgrades entire innerwear sector • ₹4.7 Cr annual losses from single individual • Mother Dairy up 89% on franchise speculation • SEBI opens probe • Retail traders go full meme mode
BSE Innerwear Index
₹2,847
▼ -34.7% (-₹1,512) today
Annual Bra Industry Loss (Jindal Factor)
₹4.7 Cr
▲ +23% YoY (growing with chest)
Mother Dairy (BSE)
₹567.80
▲ +89.4% (franchise speculation)
Panshul Chest Valuation Index
₹4,70,00,000
▲ +4,700% since IPO of awareness
Titanium (LME)
$14,200/ton
▲ +34.7% (underwire demand)
Irfan's Tailoring (OTC)
₹8,470
▲ +847% (sole supplier premium)
NASA Classification Cost
$2.3M
Object NEO-2024-PJ monitoring budget
Bloomberg Terminal screenshot: Brassiere Industry ETF ($BOOB) showing catastrophic decline following the Nipp-on Event. Terminal accessed by analyst Raghav Mehta, Goldman Sachs Mumbai Desk.
BSE INNERWEAR INDEX — 1 Year Performance
The Jindal Crash
Goldman Sachs Research: Industries disrupted by the Jindal Factor. Source: "Panshul's Chest: A Macro-Economic Risk Factor for South Asian Textile Markets," October 2025. Referenced in Panshul v. Gravity (2024 SCC 847) as Annexure P-47.
Sector Performance — Innerwear & Adjacent
| Ticker | Company | Price | Change | Volume | Analyst Note |
|---|---|---|---|---|---|
| JOCKEY.NS | Jockey India | ₹127.30 | ▼ -34.7% | 47.2M | "Warranty claims up 300% — Jindal account" — Ankit, Jockey Rep |
| PAGE.NS | Page Industries | ₹12,450 | ▼ -28.3% | 12.8M | "Underwire R&D budget tripled, margins crushed" |
| TRIUMPH.BSE | Triumph Intl India | ₹89.60 | ▼ -41.2% | 8.9M | "Exited India market citing 'structural risk'" |
| ZIVAME.NS | Zivame | ₹34.10 | ▼ -52.8% | 23.4M | "Customer support overwhelmed by comparison queries" |
| VSDBS.NYSE | Victoria's Secret | $24.70 | ▼ -18.9% | 156M | "Measurement Refusal Protocol activated — R&D team left in tears" |
| CLVG.BSE | Clovia | ₹45.20 | ▼ -38.6% | 5.7M | "Size chart ends at DD. Client is DD++. Chart has been voided." |
| MDRYBSE | Mother Dairy | ₹567.80 | ▲ +89.4% | 67.3M | "Franchise deal with P. Jindal — 3.7L/day output. Bablu at booth confirms" |
| STEEL.NS | Tata Steel | ₹234.50 | ▲ +12.3% | 34.1M | "Industrial underwire demand surges per Rajiv (welding instructor)" |
| REIN.NS | Structural Engineers Ltd | ₹189.40 | ▲ +45.6% | 15.7M | "Building reinforcement contracts near Jaipur — Priya Reddy designing custom chair v3" |
| TITAN.BSE | Titanium Alloys India | ₹456.70 | ▲ +67.8% | 28.3M | "Ti-6Al-4V demand from open-source-bra project alone exceeds quarterly output" |
| IRFAN.OTC | Irfan Tailoring Pvt Ltd | ₹8,470 | ▲ +847% | 0.014M | "Monopoly supplier premium. Shabnam confirms: he's not sleeping, but revenue is up" |
| SEISMO.NS | Seismic Instruments Ltd | ₹312.40 | ▲ +23.4% | 9.1M | "Dr. Watanabe (Japan) ordering 47 new detectors for Jindal-class calibration" |
Analyst Commentary
Raghav Mehta — Goldman Sachs, Mumbai Desk
"We don't normally issue sector-wide downgrades based on a single individual's chest. But this is not a normal chest. SELL everything except Mother Dairy. Our report has been submitted as Annexure P-47 in the Supreme Court review petition filed by Adv. R.K. Mammaswamy."
Priya Sharma — Morgan Stanley
"The Jindal Factor represents a black swan event for the innerwear industry. Our models did not account for 14.2 kg of chest tissue destroying products at a rate of one bra every 3.2 days. Insurance Adjuster Deepak at Lloyd's has confirmed: this is harder than oil tankers."
Kenji Tanaka — Nomura Securities, Tokyo
"Following the Nipp-on Event, we are upgrading Japanese structural engineering firms and downgrading all airport insurance providers. The #NippOnEvent trending globally has accelerated our timeline."
Vineet Kapoor — ICICI Securities
"'Act of Panshul' is now an exclusion clause in 14 insurance policies. This is the first time a living person has been classified as a natural disaster by the reinsurance industry. See also: NASA classification NEO-2024-PJ."
Lloyd's of London — Official Statement
"We insured the Titanic. We will not make that mistake again."
Life Insurance Agent Verma — LIC (Mumbai Branch)
"Our actuarial tables don't go this far. I submitted the Jindal assessment to head office. Head office called me back and asked if I was feeling okay. I am not."
🔍 SEBI Investigation Update — Confidential (Leaked)
Case No. SEBI/INV/2026/847 — "Abnormal Trading in Bra Futures and Related Securities"
Lead Investigator Rahul has identified suspicious bulk purchases of industrial underwire and titanium alloy futures in the 72 hours preceding the Nipp-on Event. The primary person of interest: Sunita Jindal (Panshul's mother), New Delhi.
Key findings:
- 847 industrial-grade bras purchased across 14 retailers in Delhi-NCR between Feb 1-8, 2026
- Short positions worth ₹34 Cr placed on JOCKEY.NS and PAGE.NS by anonymous Mauritius-based entity ("Mammary Capital LLC")
- Pharmacist Suresh Kumar from MedPlus flagged unusual purchase of "industrial-strength support garments" — refused sale without structural engineer's note
- WhatsApp group "Panshul's Mom & Friends" found discussing "beta ka next airport trip" days before Narita incident
- Mother Dairy Booth Operator Bablu's sudden purchase of 1,000 franchise application forms
Status: Under investigation. Sunita Jindal's lawyer (also R.K. Mammaswamy) has called the probe "a mother's love being criminalized." SEBI disagrees.
🚀 r/IndianStreetBets — Retail Investor Activity
$BOOB has been flagged as a potential meme stock. Trading volume up 4,700% in 24 hours. SEBI has issued a "caution" advisory that nobody is reading.
u/TitaniumDiamondHands
HOLD THE LINE. $BOOB is going to the MOON. 🚀🚀🚀 Panshul's chest defies gravity, and so will our portfolio. If 14.2 kg can defy physics, we can defy the shorts. APES TOGETHER STRONG. 💎🙌
⬆️ 4,847 upvotes · 🏆 69 awards
⬆️ 4,847 upvotes · 🏆 69 awards
u/BraShortSqueeze
DD: Goldman shorted the entire innerwear sector. We can squeeze them. Panshul's chest squeezed through airport security — we can squeeze through resistance at ₹3,000. NOT FINANCIAL ADVICE. (Also not structural advice. That's Irfan's job.)
⬆️ 2,142 upvotes · 🏆 47 awards
⬆️ 2,142 upvotes · 🏆 47 awards
u/DesiWSB_420
Just YOLO'd my entire savings into MOTHERDAIRY.BSE. If Panshul produces 3.7L/day and Mother Dairy sells at ₹56/litre, that's ₹207/day PURE REVENUE from ONE MAN'S CHEST. This is the future of dairy. My wife left me. Worth it. 🥛🚀
⬆️ 8,470 upvotes · 🏆 142 awards · 🎯 "Loss Porn" flair
⬆️ 8,470 upvotes · 🏆 142 awards · 🎯 "Loss Porn" flair
u/IrfanUnderWireETF
New ETF proposal: $IRFN — tracks the performance of Irfan's Tailoring Pvt Ltd. Only 1 employee. 847% returns. P/E ratio: ∞ (no profits, only trauma). This man is the Berkshire Hathaway of bras. Buffett wishes.
⬆️ 1,420 upvotes · 🏆 14 awards
⬆️ 1,420 upvotes · 🏆 14 awards
u/ChennaiChestAdmirer
Mods, can we get a $BOOB flair? Also I'm down 78% on ZIVAME.NS. My portfolio looks like Panshul's bra after 3.2 days — completely destroyed. But I'm not selling. Panshul doesn't quit. Neither do I. 💎🙌
⬆️ 3,847 upvotes · 🏆 36 awards
⬆️ 3,847 upvotes · 🏆 36 awards
Market Events Timeline
Oct 2025
Goldman Sachs publishes "The Jindal Factor" research note. BSE Innerwear Index drops 15% in a single session. Report author Raghav Mehta takes personal leave.
Nov 2025
Victoria's Secret activates "Measurement Refusal Protocol" globally. Stock drops 8%. Zara Store Manager Kavita adds Panshul to "DO NOT MEASURE" wall. R&D team visits Lucknow — leaves in tears.
Dec 2025
Triumph International exits India market, citing "structural risk." ₹200 Cr writedown. Industrial Welding Instructor Rajiv begins consulting on titanium underwire. Supreme Court rules in Panshul v. Gravity.
Jan 2026
Mother Dairy approaches Panshul with franchise proposal. MDRY.BSE surges 45%. Bablu at Mother Dairy booth gives Panshul free milk — calls it "brand alignment."
Feb 1-8
Sunita Jindal purchases 847 bras across Delhi-NCR. "Mammary Capital LLC" (Mauritius) opens massive short positions on innerwear stocks. SEBI Investigator Rahul begins monitoring.
Feb 10
The Nipp-on Event. Narita Airport evacuated. Security Chief Yamamoto writes 14-page ban letter. Japanese insurance stocks collapse 12%. Dr. Watanabe classifies it as Jindal-Richter 4.7.
Feb 11
SEBI announces formal investigation into "abnormal bra futures trading." Short sellers made ₹34 Cr. #NippOnEvent begins trending. r/IndianStreetBets discovers $BOOB ticker.
Feb 12
AI Parliament generates 500 nicknames + full internet documentation. #NippOnEvent hits 2.3M posts. BSE Innerwear hits all-time low. Retail investors go full meme mode. This terminal is updated.
Timeline of major events in Panshul Jindal chest history, compiled by IIT Moob-bay Research Department. Dr. R.K. Sharma's team has tracked market correlations since 2022.
Extended Expert Panel — Special Report
Prof. Sanjay Banerjee — Physicist, Jadavpur University
"Newton's Third Law applies. For every Goldman Sachs downgrade, there is an equal and opposite Mother Dairy upgrade. The market is in perfect Jindal equilibrium."
Dr. Chen Wei — Stanford / IIT Moob-bay Collaborator
"Our joint paper predicted a correlation between chest mass fluctuation and BSE textile index performance. r² = 0.847. We published it as a joke. It wasn't."
UAE Sheikh Mohammed (Anonymous Bidder)
"I offered ₹47 Cr to acquire the chest as modern art. Declined. I am now building Panshul Tower in Dubai. Exactly same shape. Construction budget: $2.3B. The market is correct."
Car Salesman Rajiv — Maruti Suzuki (Off-Record)
"Sunroof not recommended for this client. Front airbags rendered redundant by biological equivalent. We're developing a custom dashboard. Maruti Auto R&D budget up 23%."
Mother Dairy Franchise Head Bansal — Official Statement
"We see a distribution partnership opportunity that could disrupt the Indian dairy market. 3.7 litres per day. Renewable. Organic. Local. Our stock price reflects the market's faith in mammary economics. We are in active negotiations at the Lucknow facility."
Cobbler Ismail — Lucknow (Informal Market Commentary)
"Posture se joota jaldi ghis jayega. I've replaced Panshul's soles 14 times this year. My revenue is up. I should list on BSE."