The ace investor said in February that Narendra Modi would be triumphant in the polls.
Ace investor Rakesh Jhunjhunwala said on April 16 that the ruling BJP would not get a clear majority in the ongoing Lok Sabha elections, but it would be a major partner in the next government.
The statement was a clear departure from his earlier views in February, where he said that Narendra Modi would be triumphant in the polls. The first phase ended on April 11.
Jhujhunwala also said that the poor had not benefited from the bull-run in the markets of the past four decades. There is a need to stand guard against populist moves, he said. He added that one must wait till the ending of the elections to be aggressive and invest as the gains would be low while the expectations would be high.
He also spoke against the implementation of the wealth tax. He cautioned that, if it was implemented, he would have to sell down 2.5 percent of his holding in order to comply with the tax requirements every year in the absence of consistent dividends.
To highlight the growing popularity of such schemes, Jhunjhunwala gave the example of the United States where one of the nominees of the next presidential race promised to impose a wealth tax. He said similar moves could be implemented across the world if the trend continued.(With inputs from PTI)Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.