Breaking News

Rakesh Jhunjhunwala 'great ambassador' of Indian market

Rakesh Jhunjhunwala was a "great ambassador" of the Indian market before the world, and his style of functioning brought "global credibility" to the country's capital market, experts said, as they paid tribute to the ace investor on his tragic demise on August 14.

"From a market point of view, you always needed a symbol. You needed someone to convey the big picture. And Rakesh Jhunjhunwala was able to do so, he was a great ambassador of India and the Indian market," said Samir Arora, Indian-American businessman and CEO of Kyro, while speaking to CNBC TV-18.

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

The biggest legacy which the 'Big Bull' leaves behind is that "he brought a lot of credibility to the Indian capital market", the Julius Bear MD said.

"He came from a humble background. Simplicity was his hallmark, and so he placed a lot of emphasis on integrity and corporate governance, and avoided any kind of scandal. In my view, that enhanced the credibility of the Indian market," Matthews further said.

Envision Capital MD  and CEO Nilesh Shah believes that there is no other major player in the Indian market who could simultaneously handle long-term and short-term trades as effeciently as Jhunjhwala did.

"For somebody to be a long-term investor and a short-term trader simultaneously requires enormous skill and courage. I don't think there is anyone in the Indian market, in my view, who could manage like him," he said.

One of Jhunjhunwala's strengths was that he could cut across all age groups and did not care about a person's background, Shah said. "He was one of the few people who influenced my thought process."

Jhunjhunwala was ahead of other experts due to his ability to decode the market in a simple manner, market veteran Shankar Sharma said. "Most of us are too analytical. But Rakesh simplified things for most individuals...that just take a one-way bit and you will generally be okay,"

Jhunjhunwala, 62, passed away earlier today, after suffering a cardiac arrest. He had also been suffering from kidney-related ailments and ischemic heart disease.

The veteran trader-cum-investor had a net worth of around $5.8 billion, and as per the Forbes' 2021 list, he was 36th richest billionaire in India.

On social media, an array of market voices recalled his contribution to the Indian market. "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 (sic)," tweeted S Krishnakumar, Director, Lion Hill Capital.

"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, Founder and CEO, Capitalmind.

Market expert Ajay Bagga recalled Jhunjhunwala as someone who kept "faith in the India story". He was a "stock picker par excellence with a unique risk-taking ability and courage of conviction to pick up companies when they were out of favour or yet to be discovered", Bagga said.

No comments