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Tributes pour in for ace investor Rakesh Jhunjhunwala

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Rich tributes poured in for Rakesh Jhunjhunwala, the Big Bull of the Indian stock markets, who passed away Sunday morning.

Jhunjhunwala, who was considered the ‘Indian Warren Buffet’, was a great believer in the India growth story and placed his bets in the market accordingly.

Stock market investors keenly followed the ace investment guru’s investment moves and views. He was the toast of the Indian stock markets.

The bets Jhunjhunwala placed in the market since the mid-80s fetched him top returns, helping him build a net worth estimated at around ₹45,000 crore (according to Forbes), with investments in a host of companies including Aptech, Star Health and Allied Insurance Company, Rallis India, VA Tech Wabag, Geojit Financial Services, Crisil, Titan, Federal Bank and Canara Bank. 

His faith in the India growth story was so strong that he invested ₹260 crore to pick up 40 per cent stake in Akasa Air, India’s newest airline.

‘Indomitable’

Prime Minister Narendra Modi, in his homage to Jhunjunwala via a tweet, said, “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti.”

Home Minister Amit Shah tweeted, “Anguished to learn about the passing away of Rakesh Jhunjhunwalaji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”

Civil Aviation Minister Jyotiraditya Scindia, in a tweet, said: “Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also invested patiently in India’s growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones.”

Maharashtra Chief Minister Eknath Shinde tweeted, “Very saddened to know about the passing of the veteran investor Shree Rakesh JhunJhunwala. India has lost a gem, who made a mark not just on the stock market but on the minds of almost every investor in India.”

Uday Kotak, MD & CEO, Kotak Mahindra Bank, in a tweet, noted, “Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”

Gautam Adani, Chairman, Adani Group, tweeted, “Extremely saddened by the untimely passing away of the most legendary investors that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIP”

Anil Agarwal, Executive Chairman of Vedanta Resources, tweeted, “Breaks my heart to know that a friend of mine, and more widely known as the big bull of our stock market, is no more…Rakesh Jhunjhunwala will forever be known as the man who popularised public understanding of stock markets. My prayers go out to his family & friends. Om Shanti”

Published on

August 14, 2022



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