Remembering Rakesh Jhunjhunwala — India pays tribute to the risky wealth creator

Rakesh Jhunjhunwala, known as the Big Bull of the Indian stock market, passed away on Sunday morning in Mumbai. He had turned 62 last month. Breach Candy hospital, where he was taken to, told CNBC-TV18 he was suffering from kidney disease and ischemic heart disease and died due to cardiac arrest.

Bhansali, who has known Jhunjhunwala for 35-40 years, called him the Pied Piper of the stock market. "RJ made an immense contribution to the Indian stock market. He wanted everyone to be successful. He truly had a large heart. Once he met someone, he always wanted to do something for them. RJ always supported (his wife) Rekha," he said.

Bhansali added that doctors were fond of him and while he was getting treated, they all wished that he should have taken better care of his health.

Tata Sons Chairman N Chandrasekaran said Rakesh Jhunjhunwala believed in India and the sheer potential of the country. "This conviction led him to consistently make bold decisions throughout his life and career. He had tremendous regard for the Tata Group. His passing is an irreparable loss, and we extend our deep condolences to his family and friends," he said.

Titan was one of Jhunjhunwala's key stocks. He had lately turned a bill on many Tata companies, including Indian Hotels and Tata Chemicals.

Remembering when he invested in Titan, Nilesh Shah, MD & CEO of Envision Capital, said: "My most memorable discussion was: Nilesh, have you looked at Titan? Take it. You and your family will remember me for life." Shah said Jhunjhunwala could cut across all age groups and didn't care about the background. "His demise is a huge dent to me," Shah, who had known Jhunjhunwala for 20 years, said.

Mark Mathews, head of research, Asia Pacific, Bank Julius Baer & Co, said:

"RJ proved that you can make a lot of money by staying invested in the right companies. He bought a lot of integrity to corporate governance."

Uday Kotak, who was Jhunjhunwala's school and college friend, said he had an amazingly sharp understanding of financial markets.

Anil Agarwal, chairman of Vedanta Resources, said Jhunjhunwala will always be remembered as the man who popularised public understanding of the stock market.

Talking to CNBC-TV18, Samir Arora of Helios Capital said he used to meet Jhunjhunwala once or twice a year and have a call once in at least six months. "RJ was a great ambassador for India and Indian markets," he said.

Gautam Adani, chairman and founder of Adani Group, said Jhunjhunwala had inspired an entire generation to believe in equity markets with his brilliant views.

Deepak Parekh, chairman of HDFC, said Jhunjhunwala was a friend who was approachable and appreciated every kind gesture. Parekh called Jhunjhunwala a "modern-day legend with the optimism that gave a fillip to the Indian market trajectory".

"He was a strong proponent of Indian enterprise and the ensuing uptick of the India growth story. Through every media and personal interaction, he looked beyond the immediacy of crises, confident in the resilience of the Indian business story. He believed in the calibre and innovativeness of the typical Indian entrepreneur, always asserting that India would not only meet all geopolitical challenges but emerge as the front runner of the world economy," Parekh said.

Calling him a "simple, straightforward man", Naveen Jindal, chairman of Jindal Steel and Power Limited, tweeted about his legacy.

Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services, said he was a man with a sixth sense about stocks. "Rakesh-Yaron ka yar, deshbhakt, philanthropist. Man with 6th sense about stock bargains, terrific sense of humour, always planning the next big party. I will always miss your Teji, Le phataphat and ‘bangdi bech ke share kharido’ attitude. You will always live in peoples’ hearts," he tweeted.

Nikhil Kamath, the co-founder of Zerodha and True Beacon, shared an image with the ace investor on the social media platform.

Manish Chokhani, director of Enam Holdings, said Jhunjhunwala was an extremely astute, clear-headed investor and a perennial India Bull. "He was a larger-than-life, kind and large-hearted soul. He will be missed by our entire community," he said.

Veteran asset manager Atul Suri, founder and CEO of Marathon Trends-PMS, said he was a mentor who had the patience to back his people for the long term. "In the many years I was associated with him, not once did he question my investment or trading decisions and backed me to take bigger bets. I was very fortunate to find someone with such wisdom, patience, skill, and success," he said.

Prime Minister Narendra Modi took Twitter to offer his condolences and said Jhunjhunwala left behind an indelible contribution to the financial world.

Finance Minister Nirmala Sitharaman called Jhunjhunwala a risk-taker who strongly believed in India’s strength and capabilities.

Commerce and consumer affairs minister Piyush Goyal said Jhunjhunwala was an inspiration for wealth creation for crores.

Civil Aviation minister Jyotiraditya Scindia said he would be remembered for giving India its new airline, Akasa Air, after a decade gap.

As of August 2022, Jhunjhunwala's estimated net worth was $5.8 billion, making him the 36th richest man in India.

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