Rakesh Jhunjhunwala - The 'Big Bull', the icon, master of markets

It was an experience knowing Rakesh Jhunjhunwala or RJ as everyone called him. I have had the privilege of interviewing the Big Bull for most of my career.

I started as a novice, terrified to call him, as he would mostly slam the phone down on you. Back in the day he used to be found at Geoffrey’s, Marine Plaza, on Friday evenings. Everyone knew that was his haunt.

He liked to be chased a bit for that interview, and then it would depend on his mood largely. If you got lucky and he said yes - you would just drop everything and run. That’s what I knew of Rakesh Jhunjhunwala in the early days. This character, this legend that had truly made his millions on the exchange, a fantasy story in real life, who had a cult following among stock market investors. And there was no other like him. He was the last word. When the Big Bull spoke - the markets would listen.

After a few years I had the opportunity to spend time with him at his office at Nariman Point. He loved to chat once you had his attention. He spent hours showing me pictures of his family, telling me how he had kids so late in life, his new farmhouse, his latest racehorse - asking me what I thought of this latest acquisition. His real passion though was always without doubt the markets. They were a religion for him. He was a simple man and he always wore the same white shirt whenever you saw him. And he had the biggest heart. When it came to his family, and also if you see through his philanthropic initiatives, his investments in social causes. In the last few years, I built a comfortable rapport with the Big Bull… he had mellowed with time. He was more the benevolent benefactor, rich with advice and guidance, experience and insight. He would talk but it was up to you to listen and deduce. He would say through every crash: “But what has changed? I am telling you 10 years ago no one thought the market would be at these levels and 10 years later you see where we are. Come back and talk to me then. There is only one direction for the markets.”

He eventually had to start taking care of his health, he cut back majorly on alcohol. He lost a lot of weight. More recently, his illnesses had aggravated and he had several serious surgeries. And in the last few weeks, his major organs started failing him.

He was always very clear on two things. One - he loved his wife, and his kids and family were everything to him. He recently celebrated his 60th birthday virtually during Covid with his whole family having organised some wonderful entertainment for him, and hundreds of people logging on. Reportedly, Rakesh Jhunjhunwala also planned his succession many years ago and so while markets may be in mourning on Tuesday, he had the wisdom and foresight to pre plan his vast investments. Second - Rakesh Jhunjhunwala till his dying day was a Big Bull, forever optimistic and confident about the India story. He just saw his airline, Akasa, launch to the skies. And while many doubted the sound logic of this, he remained confident about the India story. Every time I interviewed Rakesh Jhunjhunwala people would ask me - did he tell you what to buy? He may have dropped a hint here and there but what he proclaimed to the world was to buy the India story. Wise words from the man who started with Rs 5,000 and left with a fortune of over $5 billion.