Ace investor Rakesh Jhunjhunwala, known as the 'Big Bull' of Dalal Street, died on August 14 after suffering from a cardiac arrest. The billionaire investor is survived by his wife Rekha and three children.
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The mortal remains of Rakesh Jhunjhunwala will be cremated shortly at the crematorium in Mumbai. The late ace investor's family members and friends are paying their final tributes to him. The funeral was earlier to be held at 5:30 pm, but it was delayed as the arrival of Jhunjhunwala's brother from Dubai was awaited.
Rakesh Jhunjhunwala planned, 'meticulously executed' smooth transition to sustain his legacy, says Rare Enterprises
"Rakesh Jhunjhunwala, a true nationalist , lived a life committed to the India story. His unwavering belief in Indian entrepreneurs and enterprise will certainly outlive him. True to his nature and unerring eye for detail, he had planned and meticulously executed a smooth transition to sustain and enhance his legacy. On this day, as India enters her 76th year of independence, we pledge ourselves to fulfill his dreams and vision. We are confident that our investee companies will continue to prosper and conquer new heights," Rare Enterprises said in a statement.
According to Mark Matthews, managing director at Julius Bear, Jhunjhunwala proved that one can make a "lot of money" in Indian market by picking good companies. "He had a way of staying through, as most people talk about Titan, but that is not the only one."
"Jhunjhunwala's passion for the market too is something we have to acknowledge. He once said market and cooking both need to be taught," Matthews added. Read full report
'Big Bull' Rakesh Jhunjhunwala, India's answer to Warren Buffett, held the young nation in thrall as he aggressively invested in her future growth and bubbling aspirations.Jhunjhunwala, 62, died on Saturdayafter a prolonged illness. He leaves behind grieving millions who loved his brash, devil-may-care attitude at a time when India celebrates her 75th Independence Day. Read more
Rakesh Jhunjhunwala's Mortal Remains to be Taken to Crematorium at 10:30 pm
-Ace investor Rakesh Jhunjhunwala’s mortal remains will be taken to a crematorium in Mumbai at 10:30 pm. His last rites will be performed in the night after his brother arrives from Dubai.
Geojit Financial MD and CEO, C J GEORGE, on Rakesh Jhunjhunwala
- "Rakesh Jhunjhunwala was one of a kind in many ways. Always a cheerleader of India, our economy, and markets, Rakesh Jhunjhunwala was a true visionary."
- "An unparalleled optimist and a man of discipline in investments, he always came out a winner be it a bull market or bear market! For Geojit, he was a source of inspiration and guidance for me personally too."
- "Since 2004, he was a member of our board for 12 years and continued as our shareholder.It is indeed sad that fate took him away so early. Indian industry and the stock markets will miss his dynamic leadership.It is a huge loss for India and Rakesh Jhunjhunwala will be greatly missed for me too, it is a void that cannot be filled."
“Rakesh made stock markets appealing and sexy, he more than anyone else was the cheerleader for the retail investor," says Sivasubramanian K.N., legendary fund manager and former CIO, Franklin Equity-India
- "Rakesh made stock markets appealing and sexy,he more than anyone else was the cheerleader for the retail investor.His impact on markets and investment professionals was profound. With his earthy manner and wit, he held court like an emperor,” saidSivasubramanian K.N., legendary fund manager and former chief investment officer, Franklin Equity-India, Franklin Templeton Asset Management (India).
Rakesh Jhunjhunwala: The rare big bull; unabashed wealth creator sans big scam shadow
- Dalal Street had been fraught with risk. People who made big fortunes often made headlines as scamsters, leading to equity markets being looked at with suspicion in post-liberalised India.
- Rakesh Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a USD 5.8 billion fortune and earn the tag of India’s biggest individual investor, was broadly an exception to this, who leaves behind a relatively cleaner slate.
- Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes was tainted with scam links, the newest ’Big Bull’ in the more-regulated market had lesser baggage on this front. Read more here.
RIP Rakesh Jhunjhunwala: Admirers look back on video of ace investor dancing in wheelchair
- Veteran investor Rakesh Jhunjhunwala's death has led to an outpouring of grief, with many remembering the happier times of his life.
- Rakesh Jhunjhunwala died on the morning of August 14 in Mumbai due to a cardiac arrest. He was 62.
- I don't want to remember this day as a sad day," a Twitter user named Keshav Arora said. "Yes, RJ passed away but this will clip will always be there in my heart which shows how happy he was." Watch the video here.
Which is the one formula the Big Bull aka Rakesh Jhunjhunwala held sacred?
- Rakesh Jhunjhunwala, the Big Bull of Indian stock markets, had fallen back on one mathematical formula time and again.
- It captured the importance of both the company’s ability to generate profits and the market’s perception of its ability to generate profits.
- “I was introduced to a simple mathematical equation. Earnings per share (EPS) x price earnings ratio (PER) = price. It was apparent that when both the variables determining price, that is EPS and PER gain, the stock prices explode,” he said in an interview with N Mahalakshmi, formerly editor of Outlook Business. Read details here,
So many memories flashing by since morning: Aditya Gosh, co-founder, Akasa, in which Jhunjhunwala is an investor
- "I am on my way to Mumbai. I am At a loss of words. Shocked. Saddened. Numb. This is a deeply personal loss. So many memories flashing by since morning. But what remains imprinted in my heart and mind is RJ’s love of life, courage, simplicity of heart, genuine affection and mostly importantly, childlike laughter. May Rakesh Ji’s soul attain Moksha and Sadagati.My thoughts and prayers for Rekha Ji and the children and friends and family,"
RJ was a such a positive person, always bullish on the india growth story which rewarded him: S. Krishnakumar. Director, Lion Hill Capital
- "RJ was a such a positive person, always bullish on the india growth story which rewarded him. He was a self styled investor who had a simple way of looking at a business from a long term big picture lens," saidS. Krishnakumar. Director, Lion Hill Capital.
While the heart is grieving over what it has lost, the spirit rejoices over what it has left RIP, my friend, Rakesh: Ramesh Damani
A trader, investor and legend that inspired many. He played the short and long side, and made his peace with the market, tweets Deepak Shenoy
- "RIP Rakesh Jhunjhunwala. A trader, investor and legend that inspired many. He played the short and long side, and made his peace with the market. He will be remembered fondly. Condolences to his family," tweeted Deepak Shenoy.
Akasa Air will honour Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline, Vinay Dube, Founder and CEO at Akasa Air
- "We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr. Jhunjhunwala’s family and friends. May his soul rest in peace.We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline,"Vinay Dube, Founder and CEO at Akasa Air.
He did a lot of charity especially for the education of the girl child, says Ajay Bagga, Market Expert
- "Big Bull , Indian Warren Buffett epithets are well know , the quintessence of RJ was his infectious optimism , humility in knowing how difficult it is to predict the future , but to keep faith in the India Story . Stock picker par excellence with a unique risk taking ability and courage of conviction to pick up companies when they were out of favor or yet to be discovered . He did a lot of charity especially for the education of the girl child," saidAjay Bagga, Market Expert
He could cut across all age groups and didn't care about background, Nilesh Shah about Rakesh Jhunjhunwala
- "He could cut across all age groups and didn't care about background. He was one of the few people who influenced my thought process," said Nilesh Shah.
It’s beyond saddening, despite having differed on many stocks, says Shankar Sharma
- "We are too analytical, but rakesh simplified things for most people," he added.
RJ was a great ambassador for India and Indian markets: Samir Arora, CEO, Kyro
- "Used to meet once or twice a year andhave a call once in 6 months with RJ.RJ was a great ambassador for India and Indian markets. Hehas always been genuine and friendly guide," saidSamir Arora,CEO,Kyro.
He was probably the biggest believer in the India story and put not only his words but his entire wealth behind this story and got rewarded for it, said Sushant Bhansali, CEO, Ambit Asset Management
- "The roaring titan of long term investing in India is no more. A shocking news to everyone in the financial world this morning.He was probably the biggest believer in the India story and put not only his words but his entire wealth behind this story and got rewarded for it.A man of passion, simplicity and high conviction heinspired millions of people to believe and invest in the equity participation with Indian corporates. A true legend we all will miss. Be it investor calls, conferences,business TV channels, his roaring presence will be truly missed," saidSushant Bhansali, CEO, Ambit Asset Management.
Rakesh Jhunjhunwala believed in India and the sheer potential of the country, says N Chandrasekaran, Chairman,Tata Sons
- "Rakesh Jhunjhunwala believed in India and the sheer potential of the country. This conviction led him to consistently make bold decisions throughout his life and career. He had tremendous regard for the Tata Group. Mr. Jhunjhunwala’s passing is an irreparable loss and we extend our deep condolences to his family and friends," saidN Chandrasekaran, Chairman,Tata Sons.
His candind and frank views were refreshing in an era of guarded commentary by others, says Rajeev Thakkar, CIO, PPFAS AMC
- "Mr. Rakesh Jhunjunwala had been an icon for aspiring stock investors throughout India. While he as also a trader, what really caught the imagination of people was the kind of wealth creation that was possible by buying and holding on to companies like Titan and CRISIL. His candind and frank views were refreshing in an era of guarded commentary by others. He will be sorely missed by the entire investment community," saidRajeev Thakkar, CIO, PPFAS AMC.
I have not known anyother individual even remotely similar to him: Prashant Jain, CIO, HDFC AMC
- "Rakesh Jhunjhunwala, RJ or big bull as he was popularly known was in a class of his own.
I have not known anyother individual even remotely similar to him. A razor sharp memory and intelligence, clarity of thought, yet the ability to change even strongly held views- sometimes completely, brutally honest in his words, always helpful to those in need of help are some of his qualities that I am sure all those who knew him will agree with me wholeheartedly.One quality that stood out in him was his ability to completely segregate his long term investments from the rest. He was steadfast with his long term investments even in the face of extremely challenging market and business environment, yet very flexible with the rest. A very good judge of people and a die hard optimist for India are some other qualities that stand out for him," he said.
- "In this untimely loss, capital markets have lost a participant par excellence, like no one else and India has lost a true nationalist. My heartfelt condolences to all his near and dear ones- may God give them strength and may his soul rest in peace. His memories will be etched forever in the memories of all those who met him and the vaccum he leaves behind will take a very very long timeto be filled."
Rakesh Jhunjhunwala's 'Antim Yatra'
He proved to each and everyone that if one stays invested in quality companies for long then wealth generation is almost assured: B Gopkumar, MD & CEO, Axis Securities
- "Mr. Jhunjhunwala will be missed for the sheer energy he brought to the TV studios. His strong belief in India's growth story and his bullishness on Indian markets is a tale of legend. He proved to each and everyone that if one stays invested in quality companies for long then wealth generation is almost assured. May his soul rest in peace," saidB Gopkumar,MD & CEO, Axis Securities.
Rakesh Jhunjhunwala was suffering from kidney disease and ischemic heart disease
- He was suffering from kidney disease and ischemic heart disease. He was taken to Breach Candy hospital and the cause of Death was cardiac arrest, according to the death certificate.
