Stock investor Rakesh Jhunjhunwala, fondly called the “Warren Buffett of India” with an estimated net worth of $6 billion, passed away early Sunday at the age of 62. A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage Rare Enterprises, a stock trading firm.
Here’s how India Inc paid tribute to veteran stock market investor Rakesh Jhunjhunwala, who passed away this morning:
“Deeply saddened by the untimely demise of India’s greatest investor. Mr. Jhunjhunwala His brilliant ideas inspired an entire generation to believe in our equity markets. We will miss her. India will miss him but we will never forget him. RIP,” tweeted Gautam Adani.
Veteran banker Deepak Parekh said that Jhunjhunwala was a modern day legend with optimism that accelerated the Indian market trajectory.
“He was a staunch supporter of Indian enterprise and a proponent of India’s growth story,” he said. “He believed in the potential and innovation of the elite Indian entrepreneur, always asserting that India would not only meet all geopolitical challenges but also emerge as the front runner of the world economy.”
Banker Uday Kotak said: “Rakesh Jhunjhunwala: My school and college mate. A year my junior. Supposed stock India was undervalued. That’s right. Surprisingly quick at understanding financial markets. We are regulars. Used to speak eloquently, more during Kovid. Will miss you Rakesh!”
Mining tycoon Anil Agarwal said that Jhunjhunwala will always be known as the man who popularized the public understanding of stock markets.
“It breaks my heart to learn that a friend of mine, and widely known as the big bull of our stock market, is no more…Rakesh Jhunjhunwala will always be known as the man who pioneered the stock markets. Popularized public understanding. My prayers go out to his family and friends. Om Shanti,” he tweeted.
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