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I am deeply shocked and deeply saddened by the sudden demise of my friend, Rakesh Jhunjhunuwala. We friends fondly used to call him Bhaiyya.
I recall meeting him regularly in the trading ring of the Bombay Stock Exchange in the early days of my career. We are both Chartered Accountants (CAs) and started our career in the late 1980s. He was very friendly and warm by heart, always ready to help and approachable. I fondly recall meeting him on various forums and several conversations that we had on many varied topics apart from the markets.
Rakesh was very passionate about the equity market and his knowledge was deep and outstanding. He was fascinated with stocks from a very early age, which made him start investing from a young age and build such a vast fortune. His understanding of businesses was way beyond many other big investors, which allowed him to take bold bets in the market. He had rare skills at analysing businesses and linking them to market and economy, which has been admired by right from industry veterans to the vast young investor community. He had a strong conviction which allowed him to take massive bets when all odds were against it, thus making gigantic profits from it. He was fearless and known for his very frank opinion and approaches about various things in the market and life.
Rakesh was always bullish on the India story and the stock market which got him the famous nickname “Big Bull of Dalal Street”. Even in adverse situations, his optimism for India used to never falter, which led him to build such a huge empire, despite coming from a middle class background. He had mastered the art of investing and many used to look upon him as a role model, drawing inspiration from his style of investing. In fact, he had been at the forefront of creating a culture of investing in India. His conviction was spell-bound and drew followers like a magnet. His contribution to the stock market, industry and also philanthropy will always be remembered and would be immensely missed.
I offer my deep condolences to his wife Rekha and the whole family. I will miss you badly mere ‘Dost’ and “Yaaro ke Yaar”.
The author is MD&CEO of Motilal Oswal Financial Services
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