NEW DELHI: Billionaire investor Rakesh Jhunjhunwala, who was battling with health problems, was declared dead Sunday morning. Known for his conservative but shrewd stock picks, Jhunjhunwala had a cult-like status among a section of investor/trader community. His death came as a shock to the nation and many influential people paid their condolences.
On the event of Independence Day, 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.”
To note, Jhunjhunwala was a vocal supporter of PM Modi and his economic policies. The two shared a very cordial relationship. Finance Minister Nirmala Sitharaman also remembered Jhunjhunwala and said he had strong belief in India’s strength and capabilities. “Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right,” she used these words while describing Jhunjhunwala.
The investor, often called as India’s Warren Buffett or the Big Bull, had entered the stock market in 1985, the Sensex was at 150 points and is leaving when the Sensex is at around 60,000 points. On account of placing successful bids, he amassed a fortune worth an estimated $5.8 billion.
While he had a portfolio of about 4 dozen stocks as of June 30, his big bet on Tata Group stocks is well known. “Rakesh Jhunjhunwala, who sadly passed away this morning, will always be remembered for his acute understanding of the stock exchanges of India,” said Ratan Tata, Chairman Emeritus of Tata Group.
Tata Group Chairman N Chandrasekaran extended his condolences to the family. “Rakesh Jhunjhunwala believed in India and the sheer potential of the country. This conviction led him to consistently make bold decisions throughout his life & career.”