Tributes started pouring in moments after news of the ace stock investor’s sudden death and newly-launched akasa air founded by Rakesh Jhunjhunwala Came out on Sunday morning.
Known as the “Warren Buffet of India” for his ability to pick high-performing low-priced quality stocks, Mr. Jhunjhunwala was a cult figure in the Indian capital markets. Retail investors followed their investment pattern.
Also known as the “Big Bull”, he was always excited about the Indian growth story. His latest investment was in low-cost airline Akasa Air, which started flight operations last week.
Though the family is yet to issue a statement, Mr. Jhunjhunwala reportedly died of kidney-related problems and acute multiple organ failure.
Several political leaders, market experts, traders took to Twitter to pay their last respects to Mr. Jhunjhunwala.
Political leaders:
Prime Minister Narendra Modi tweeted his condolences to his family.
“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 the progress of India. His passing is sad. My condolences to his family and fans. Om Shanti,” wrote PM Modi.
Union Finance Minister Nirmala Sitharaman said that she remembers several conversations with Mr Jhunjhunwala and had a firm belief in India’s strength and capabilities.
“Mr. Rakesh Jhunjhunwala is no more. Investor, bold risk taker, excellent understanding of stock market, clear in communication – a leader in his own right. Remember with love the many conversations we had. There was a strong belief in India’s strength and capabilities. Condolences,” her tweet read.
Union Home Minister Shah said that Mr. Jhunjhunwala will always be remembered for his swift approach. “Sad to know about the passing away of Rakesh Jhunjhunwala ji. His vast experience and understanding of the stock market has inspired countless investors. He will always be remembered for his fast approach,” he tweeted. “My deepest condolences to his family. Peace be in peace.”
The Union Civil Aviation Minister, who virtually flagged off Akasa Air’s first commercial flight on August 7, said Mr Jhunjhunwala would be remembered for giving India its new airline after more than a decade.
He wrote on Twitter, “Mr. Rakesh Jhunjhunwala ji was not only a shrewd businessman but he invested passionately in India’s growth story. Remembered for giving India his new airline @AkasaAir after more than a decade My deepest condolences to his family and loved ones.”
Union Commerce and Industry Minister Piyush Goyal also condoled the demise of the ace investor. Taking to the microblogging site, Mr. Goyal said that Mr. Jhunjhunwala was an inspiration for creating wealth for crores.
“Deeply saddened on the passing away of veteran investor Rakesh Jhunjhunwala. He was the inspiration for creating wealth worth crores. My heartfelt condolences to his family, friends and fans. Om Shanti,” he wrote.
Former Andhra Pradesh Chief Minister N. Chandrababu Naidu said, “Deeply saddened by the passing away of Rakesh Jhunjhunwala ji. A seasoned investor and industrialist, his contribution to the Indian capital market was immense.
“The Big Bull of Dalal Street has left behind an inspiring legacy. Condolences to his family and friends,” the TDP supremo said.
Maharashtra Chief Minister Eknath Shinde wrote on Twitter, “Very sad to learn about the passing away of veteran investor Shri Rakesh Jhunjhunwala. India has lost a gem that has left a mark not only on the stock market but in the minds of almost every investor in India.”
Maharashtra Deputy Chief Minister and BJP leader Devendra Fadnavis tweeted, “Saddened to learn about the passing away of Shri Rakesh Jhunjhunwala ji. His contribution to Indian industry and economic development will always be remembered. Our deepest condolences to his family and fans. My humble tribute.”
Shiv Sena MP Priyanka Chaturvedi said, “Sad to hear about the passing away of Mr. Rakesh Jhunjhunwala, just days after he started his budget airline, Akasa Airline. He was optimistic not only about the stock market but also about the country.
“My heartfelt condolences to his family, friends and colleagues.”
Congress spokesperson Jaiveer Shergill said, “Condolences to the family of Shri Rakesh Jhunjhunwala ji on the sudden demise. His demise is a great loss to the financial world and his ability to understand the pulse of the market will always be unmatched. Rest in peace.”
‘Lost My Brother’: Smriti Irani’s tribute to Jhunjhunwala
Union Minister Smriti Irani paid tribute to Mr. Jhunjhunwala saying that he lost his brother.
“I lost my brother today.. a relationship that not many know. They call him Billionaire Investor, Badshah of BSE.. But what he really was.. is and will always be.. a dreamer ,” she tweeted.
Ms Irani said the few investors were firm, gentle, gracious and “my gentle giant”.
“Bhaiya always told me ‘Apne apne dam par jayenge’..and he lived on his own terms…Rakesh Jhunjhunwala…Legend, legacy will live on,” he said in another tweet. Told.
India Inc.:
Richest Indian Gautam Adani and mining tycoon Anil Agarwal led India Inc in paying tribute to the veteran stock market investor.
“Deeply saddened by the untimely demise of India’s greatest investor. Mr. Jhunjhunwala with his brilliant ideas inspired an entire generation to believe in our equity markets. We will miss her. India will miss him but we will never forget him. RIP,” Mr Adani tweeted.
Veteran banker Deepak Parekh said Mr. Jhunjhunwala was a modern day legend with optimism that propelled the Indian market.
“He was a staunch supporter of Indian enterprise and a proponent of India’s growth story,” he said. “He believed in the potential and innovation of the elite Indian entrepreneur, always asserting that India would not only meet all geopolitical challenges but also emerge as the front runner of the world economy.”
Banker Uday Kotak said, “Rakesh Jhunjhunwala: My school and college mate. One year my junior. The stock India is believed to have been undervalued. he is right. Surprisingly quick in understanding the financial markets. We talked regularly, especially during Covid. Will miss you Rakesh!”
Mining tycoon Anil Agarwal said that Mr. Jhunjhunwala will always be known as the man who popularized the public understanding of stock markets.
“It breaks my heart to learn that a friend of mine, and who is known as the big bull of our stock market, is no more…Rakesh Jhunjhunwala will always be known as the man who taught the public understanding of the stock markets. made popular. My prayers go out to his family and friends. Om Shanti,” he tweeted.
Subhash Chandra, Chairman and Rajya Sabha member, Essel Group said, “Their faith and belief in India Inc has contributed immensely to its growth. Not just one street, but many people across the country will miss you forever! Rest in Peace #RakeshJhunjhunwala Om Shanti.”
Market Expert:
Several market experts condoled the passing away of Mr. Jhunjhunwala and said that his firm belief and sheer energy in the country’s growth story made him one of a kind.
Condoling his death, Zerodha co-founder Nikhil Kamath tweeted, “There will never be anyone like you again, RIP.”
Axis Securities MD and CEO B. Gopkumar said that the energy that Mr. Jhunjhunwala has brought to the TV studio will be sorely missed. “His firm belief in India’s growth story and his boom in Indian markets is a story of legend. He has proved to all that wealth creation is almost sure if one invests in quality companies over a long period of time,” he said .
Another expert Sandeep Parekh said Mr Jhunjhunwala was a legend whose speeches could have given non-believers confidence in the story of India.
“Rakesh ji was ambitious. He was a sharp thinker, a thought leader, a calculative risk taker as a trader, and a successful investor. His analysis was careful,” said Deven Choksi, managing director, KR Choksi Shares & Securities Pvt Ltd. Ltd.
“He saw a bigger picture in India’s story, he supported the government and decision makers to take bold steps to bring India’s economy back on fast track. His firm belief in India and his prospects inspired the decision makers in the country,” he said.
“He planned to exit long before his time by allocating his wealth significantly to philanthropy. He combined ambition with action. These rare qualities blessed his life.”
Describing Mr. Jhunjhunwala as the biggest believer in the India story, Ambit Asset Management CEO Sushant Bhansali said that the ace investor not only put his words but his entire wealth behind this story and rewarded him for it. Gone.
Mr. Bhansali described Mr. Jhunjhunwala as a roaring titan of long-term investment in India.
“A man of passion, simplicity and high confidence inspired millions to believe and invest in equity partnerships with Indian corporates. A true legend we all will miss. Be it investor calls, conferences, commercial TV channels His roaring presence will be truly missed,” he said.
Mr. Jhunjhunwala started his journey in the stock markets while in college with a capital of only ₹5,000. He started investing in 1985 with ₹5,000 when the BSE benchmark index Sensex was at 150. Now it is trading at over 59,000.
He had invested in over three dozen companies, including the most valuable watch and jewelery maker Titan, part of the Tata Group. He made his first big profit in 1986 when he bought 5,000 shares of Tata Tea for ₹43 and within three months the stock rose to ₹143. He earned ₹ 20-25 lakh in three years.
(with inputs from PTI)