Rakesh Jhunjhunwala, pursued his dream with courage, with passion and intensity like a Bull, He lived like a bull always hungry to overpower. Rakesh a partner at RARE Enterprises, was a remarkable visionary, stock market investor who left behind a reasonably clean slate and amassed a fortune of USD 5.8 billion, making him known as India’s largest individual investor.
Jhunjhunwala, who departed this morning for his heavenly abode, was an optimist who consistently held that “the best (of the market) is yet to come.” Because of his confidence in the Indian market and his investment methods, he rose to become the stock market’s Big Bull.
Prime Minister Modi in his message wrote: 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.
Starting with a modest financial basis in the 1980s, he amassed a gigantic portfolio worth thousands of crores by placing large bets on his stock ideas with strong confidence, remaining optimistic about India’s economic possibilities, and making large, audacious, and smart trading decisions. His charisma, optimism, and fearlessness will be missed by market players forever.
While he did not make big headlines for scams, Rakesh Jhunjhunwala did feature in some cases of insider trading and was also speculated to front-run on stock trades ahead of big news events. In 2021, he and others settled an insider trading case related to Aptech by agreeing to pay Rs 37 crore under the consent route, where an individual can close a pending matter without admitting or denying the charges.
Rakesh Jhunjhunwala: By our dream we set an example to the next generation
A Rs 70-crore gain on an investment in Zee Enterprises in a short time, by investing in the stock days ahead of its board deciding on a merger with rival Sony Pictures Networks in 2021, had also led to chatter around his conduct.
However, it was Jhunjhunwala’s long-term, research-based bets on stocks like Titan and Indian Hotels Company which made him one of the biggest names in the Indian markets.
Every move in his portfolio was tracked closely by the growing number of investors in India, who wanted an early entry into scrips which would eventually break out.
Some of the bets, especially in the infrastructure space, did not pay off for Jhunjhunwala. But the proverbial ‘humbling effect’ was missing, as he would often succeed in some other stock, showcasing his Midas touch.
People in the know say behind the value creation was an operation of deep research carried out by him and analysts at the Nariman Point office of RARE Enterprises (which is named after the first two letters in the name of Rakesh and his wife Rekha).
Rakesh was a man who believed no one is permanent, his fundamental philosophy of life is to fear god but never fear time or once deed. It takes full circle always , he says.
His biggest hobby was to be in front of camera. Well the camera will miss him and the sharp investment wisdom and smile he always carried.