RIP Rakesh Jhunjhunwala | Capital markets lost a participant par excellence, says Prashant Jain

Prashant Jain resigned after nearly two decades with HDFC.

"Big Bull, as he was popularly known, was in a class of his own. I have not known another individual even remotely similar to him,'' said Prashant Jain, former Chief Investment Officer (CIO) of HDFC AMC,  as he remembered Rakesh Jhunjhunwala who passed away on August 14 morning following a cardiac arrest. He was 62.

''In this untimely loss, capital markets have lost a participant par excellence like no one else and India has lost a true nationalist,'' Jain, who recently quit HDFC Mutual Fund after a glittering career that spanned nearly three decades, said.

Also Read: RIP Rakesh Jhunjhunwala: PM Modi leads the country in paying tributes to ace investor

Often referred to India's Warren Buffet, Jhunjhunwala was brought to Mumbai's Breach Candy hospital at 6.45 am but doctors declared him dead. He was suffering from kidney disease and ischemic heart disease, which is a narrowing of arteries that reduces blood supply to the heart. The hospital told CNBC TV-18 that the death was caused by a cardiac arrest.

''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,'' Jain said.

Also read: Which is the one formula the Big Bull held sacred?

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 an extremely challenging market and business environment yet very flexible with the rest, Jain said.

Also Read: RIP Rakesh Jhunjhunwala: His greatest investment hits, and odd misses

Jhunjhunwala leaves behind a legacy of taking the cult of equity to the masses in his inimical style and a portfolio worth nearly Rs 32,000 crore.

Over the past 26 quarters, Jhunjhunwala's net worth grew from Rs 8,366 crore to Rs 32,000 crore, according to data compiled by Trendlyne.

''A very good judge of people and a die-hard optimist for India are some other qualities that stand out for him. 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 time to be filled,'' Jain said.