Rakesh Jhunjhunwala: Intrepid stock market dream merchant passes away
By Our Special Correspondent
New Delhi, August 14: Life of Rakesh Jhunjhunwala is a dream for millions of people in India, as they put their money in equities and hold on to them in hopes that they would turn into Titan of the Big Bull.
India’s own version of warren Buffet passed away on Sunday morning, a day before India’s 75th Independence Day celebrations.
Unlike his predecessors such as Harshad Mehta and Ketan Parikh, Rakesh Jhunjhunwala made his fortunes in the stock market by betting on India, her growth and economic expansion.
Jhunjhunwala was an intrepid optimist, who lived his life full, and saw that he wouldn’t be remembered just as an ace investor, but also as founder of Akasa Airlines, besides a host of other companies.
He was 14th richest man of India, but he didn’t keep his wealth for self, but sought to create businesses out of it, as he dared to enter into the airlines business, which has previously proven to be the graveyards for the filthy rich of India, including Vijay Mallya and Naresh Goyal.
Even while the global equity had markets had been sinking after the outbreak of the Covid-19 pandemic and the subsequent Russian invasion of Ukraine, Jhujhunwala was full of optimism about Indian economy’s march and growth in the big league of the nation.
He was indeed a compulsive trader, as television footages caught him telling his staff to sell and buy even during on-air discussions. That’s true of many traders in the stock market, which is known to be the biggest addiction one can have.
Jhunjhunwala was a big supporter of Prime Minister Narendra Modi. Before the aviation license was granted to Akasa Airlines.
The BJP MPs in the Lok Sabha would often quote him during discussions on economy to assert that India is doing well even while the global economic outlook is gloomy.
Jhunjhunwala’s quotes just like any celebrated stock traders are legendary with the common theme being that the investors should be in control of emotions, while not falling for the trap to buy overvalued stock.
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