Veteran investor Rakesh Jhunjhunwala, famously known as ‘India’s Warren Buffet’, passed away on Sunday. Jhunjhunwala was the chairman of Vogue India, Geojit Financial Services, Viceroy Hotels, Concord Boitech and Hungama Media. He was also the founder of the newly launched Akasa Air. In fact, he was last seen in public at the launch of the airlines. As the news broke, people took to Twitter to mourn his death.
Prime Minister Narendra Modi tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti.”
Always believing in the growth story of India, Jhunjhunwala was known to have said that if you invest here, ‘sky is the limit’.
Home Minister Amit Shah
“Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti”.
Defence Minister Rajnath Singh
“Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers”.
Here are some of the reactions from industry leaders
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.”
Uday Kotak, CEO of Kotak Mahindra Bank
“Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”
Deven R Choksey, managing director at KR Choksey Investment Managers
“Rakesh ji was Ambitious… He was a sharp thinker, a thought leader, a calculative risk taker as a trader and a successful investor. His analysis were meticulous. He saw the big picture in India’s story, he supported the government and decision-makers for taking bold steps in putting India’s economy on a fast track. His conviction for India and her prospects inspired the decision-makers. He planned his exit well ahead of his time by significantly allocating his wealth to philanthropy… He combined ambition with action. His life was blessed by these RARE qualities…. Prayers for RJ’s departed soul and condolences to everyone in his family”.
Gautam Adani, chairman of Adani Group
“Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIP”.
“It is a sad day for the country because he was a shining beacon in India’s story,” Prahlad Kakkar, advertisement guru and filmmaker told News18.
Nirmal Jain, founder of IIFL Group
“He understood the markets better than anyone else. He took risks and contributed immensely to the capital markets. Transparent in his behaviour, he spoke from his heart. Whenever you met him, he came across as a man full of life. He partied hard when he partied.
Motilal Oswal, MD & CEO, Motilal Oswal group
“We started our career together in the mid-80s. We used to meet quite often when we started. I have too many fond memories of him, right from trading hall days till now. He had a deep understanding of markets based on the fundamentals of the company. His style of communication was frank”.
B Gopkumar, MD & CEO, Axis Securities
“Mr Jhunjhunwala will be missed for the sheer energy he bought to the TV studios. His strong belief in India growth story and his bullishness on Indian markets are a tale of legend. He proved to each and every one that if one stays invested in quality companies for long then wealth generation is almost assured. May his soul rest in peace.
Sushant Bhansali, CEO, Ambit Asset Management
“The roaring titan of long-term investing in India is no more. 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 he inspired millions of people to believe and invest in 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.”
Ratan Tata, Chairman Emeritus of the Tata Group
“Rakesh Jhunjhunwala, who sadly passed away this morning, will always be remembered for his acute understanding of the stock exchanges of India. He will also be remembered for his jovial personality, his kindness, and his foresightedness. My heartfelt condolences go out to his family which has to share the burden of this great loss.”