0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.
By: Editorial Updated: August 16, 2022 9:03:48 am
By rising from nowhere to become one of the richest Indians on the basis of his investments, Jhunjhunwala not only created his own legend but also gave hundreds of thousands of Indian investors the confidence that they too could invest in the stock market and become rich.Rakesh Jhunjhunwala, who passed away on Sunday morning, was widely known as the “Big Bull” of the Indian stock markets. The epithet describes an investor who buys stocks and shares with the firm belief that they will grow in value. And while its use in common culture is often laced with an accusation of irrationality, in Jhunjhunwala’s case, it was the real deal. Jhunjhunwala came from a middle-class background and was known for his integrity. His father, who was his lifelong idol, was an income tax officer. Jhunjhunwala started investing in the stock market in the 1980s when he was still in college, beginning with Rs 5,000 and ending with a net-worth north of Rs 45,000 crore ($5.8 billion).
By rising from nowhere to become one of the richest Indians on the basis of his investments, Jhunjhunwala not only created his own legend but also gave hundreds of thousands of Indian investors the confidence that they too could invest in the stock market and become rich. His influence on scores of foreign investors, who were warily watching India open up its economy during the 1990s, was equally dramatic. Jhunjhunwala was bullish on India and its long-term growth. He put his money where his mouth was, and inspired many others to buy into the India growth story.
In the three decades since economic liberalisation, several shocks, both domestic and international, have buffeted the economy. At each stage, it was natural for investors to give in to doubts, book their profits (or cut their losses) and leave. The Indian markets needed a champion and they found him in Jhunjhunwala, whose belief in India’s growth trajectory was unwavering till the end. In doing so, he created an ecosystem where investors (both domestic and foreign) have learnt to trust and lend to Indian companies and entrepreneurs. That is Rakesh Jhunjhunwala’s lasting legacy.
This editorial first appeared in the print edition on August 16, 2022 under the title ‘He bet on India, won’.
Subscriber Only Stories
© The Indian Express (P) Ltd
First published on: 16-08-2022 at 12:15:26 am