Panic in mkts will be buy opportunity: Rakesh Jhunjhunwala

Here is a verbatim transcript of the exclusive interview with Rakesh Jhunjhunwala on CNBC-TV18. Also see the accompanying video.

Q: Is it the right thing to do to shut the markets in the light of what's happened?

A: In the circumstances, you couldn't function properly. So, given the choice it would have been better if it had been open. (Also read: India Inc condemns to Mumbai terror attack )

Q: Do you think so?

A: During any terrorist operation, we have to indicate that we are working normally. We should not let terrorist activity affect us in any way. But now that it is closed, let us not discuss it.

Q: We have been getting several calls through the day about what the situation is and what is happening. Do you sense that this time around there is a more heightened sense of panic among traders, investors, and brokers?

A: I don't have any sense of panic. I saw this during the 1993 blast. I was myself in the BSE then. As a nation, a killing of more than 100 people is not going to affect this country in any way. Having said that, we have to take steps to have better security and at least hang those people who attacked our Parliament. (Also read:  Terror attacks in Mumbai: Raamdeo Agrawal, others react )

As an Indian, I hang my head in shame that the Supreme Court has convicted the person who has attacked Parliament. But in this country, we don't hang that person. We cannot take a lenient attitude toward terrorism. Having said that, I don't think there is going to be any panic. If there is panic, it is going to be an opportunity to buy.

Q: Were you around that area last night?

A: I was in my office 10.15 pm yesteyday and couldn't get out, so ended up staying in office the entire night. It was happening next to my office and I could hear all the shooting. I could hear the blasts and the sound. But as a nation, we got to get together and face this. The first thing is that we have to show no sign of panic.

So let us send a message to the terrorists that do what you may but as a nation, we are not going to be affected. That is the best way to counter terrorism. If you allow them to affect us, they are successful. Do you think trade in India is going to stop, do you think commerce is going to stop? This is something that happened in London, Spain, and New York, and everybody bounced back.