‘Inspired an entire generation’: World of business on Jhunjhunwala’s death

Reactions poured in from business leaders, entrepreneurs and leading investors in India and abroad on the death of Rakesh Jhunjhunwala. Often nicknamed as India’s Warren Buffet and the ‘Big Bull’ of Dalal Street, Jhunjhunwala died at 62 Sunday morning after a spell of illness.

The veteran stock market investor was a self-made trader who started at a very early age. Over his lifetime, Jhunjhunwala has invested in several established businesses and startups, including the country’s newest airline Akasa Air, of which he was one of the co-founders.

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Known for his mastery in trading of stocks for long-term investing, Jhunjhunwala was among the most influential market voices in India.

Here’s how the business leaders have reacted to the pioneer’s death:

“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,” wrote Gautam Adani, India’s richest billionaire.

Vinay Dube, the CEO of Jhunjhunwala’s newest venture Akasa Air, which recently took its first flight, condoled his sudden death and thanked him for being an early believer in the airline.

“We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr. Jhunjhunwala’s family and friends. May his soul rest in peace. We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline,” Vinay Dube said in a statement.

“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,” wrote Uday Kotak, CEO of Kotak Mahindra Bank.

“So sad to hear that Rakesh Jhunjhunwala has passed away this morning. Have the fondest memories of talking markets with him at Geoffrey’s. Rest in Peace,” said Andrew Holland, CEO of Avendus Capital Alternative Strategies.

“Saddened to learn about the untimely demise of Rakesh Jhunjhunwala Ji! May the departed soul rest in eternal peace and God gives strength to his family members to bear this irreparable loss,” said Vedant Birla of the Birla Group.

Political leaders and celebrities also paid tribute to the ace investor. Prime Minister Narendra Modi condoled the demise of Jhunjhunwala and said he leaves behind an indelible contribution to the financial world.