‘Shining beacon in India’s story’: Nation pays tribute to the Big Bull

Veteran investor Rakesh Jhunjhunwala, famously known as ‘India’s Warren Buffet’, passed away on Sunday. Jhunjhunwala was the chairman of Vogue India, Geojit Financial Services, Viceroy Hotels, Concord Boitech and Hungama Media. He was also the founder of the newly launched Akasa Air. In fact, he was last seen in public at the launch of the airlines. As the news broke, people took to Twitter to mourn his death.

Prime Minister Narendra Modi tweeted, “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.”

“End of an Era as the Big Bull of the Dalal Street, #RakeshJhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti,” former India cricketer Virendra Sehwag wrote on Twitter.

Uday Kotak, CEO of Kotak Mahindra Bank wrote on Twitter, “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!”

ALSO READ: End of an Era: The ‘Big Bull’ Rakesh Jhunjhunwala passes away at 62

Deven R Choksey, managing director at KR Choksey Investment Managers, said, “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 were meticulous. He saw the big picture in India’s story, he supported the government and decision-makers for taking bold steps in putting India’s economy on a fast track. His conviction for India and her prospects inspired the decision-makers. He planned his exit well ahead of his time by significantly allocating his wealth to philanthropy… He combined ambition with action. His life was blessed by these RARE qualities…. Prayers for RJ’s departed soul and condolences to everyone in his family”.

Gautam Adani, chairman of Adani Group, expressed his grief and said, “Extremely saddened by the untimely passing away of the most legendary investor 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”.

Also read: Who is Rakesh Jhunjhunwala?

Always believing in the growth story of India, Jhunjhunwala was known to have said that if you invest here, ‘sky is the limit’.

“It is a sad day for the country because he was a shining beacon in India’s story,” Prahlad Kakkar, advertisement guru and filmmaker told News18.

“Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. 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,” home minister Amit Shah said.

“Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers,” defence minister Rajnath Singh wrote on Twitter.

Condoling the demise of the Big Bull, Nirmal Jain, founder of IIFL Group said, “He understood the markets better than anyone else. He took risks and contributed immensely to the capital markets. Transparent in his behaviour, he spoke from his heart. Whenever you met him, he came across as a man full of life. He partied hard when he partied.

Motilal Oswal, MD & CEO, Motilal Oswal group, said, “We started our career together in the mid-80s. We used to meet quite often when we started. I have too many fond memories of him, right from trading hall days till now. He had a deep understanding of markets based on the fundamentals of the company. His style of communication was frank”.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor