“The worst of mistakes are made in the best of times.” – Rakesh Jhunjhunwala
On Rakesh Jhunjhunwala’s birth anniversary week, a look back at the Big Bull’s unmatched investment journey.
This week not only marks a milestone for India by completing 79th years of being an independent country, but it is also the birth anniversary of Rakesh Jhunjhunwala, the “Big Bull of Dalal Street”, whose rise from a borrowed Rs 5,000 to a fortune exceeding Rs 40,000 crore remains one of the most compelling wealth creation stories in Indian markets. Over a career spanning 37 years, Jhunjhunwala combined rigorous analysis with an unshakable belief in India’s growth story. As he famously said, “You do not succeed without obsession.”
Born on July 5, 1960, into a middle-class Marwari family in Mumbai, Jhunjhunwala was introduced to the stock market through his father, an Income Tax officer, who would often discuss market movements with friends. His father advised him to read newspapers daily to understand the business world, a habit Jhunjhunwala maintained religiously.
After graduating from Sydenham College and qualifying as a Chartered Accountant in 1985, he chose to enter equity markets rather than pursue a conventional accounting career. With no family backing, he borrowed Rs 5,000 from his brother to make his first investment. In 1986, he raised additional capital through short-term loans from acquaintances at double-digit interest, a move that, as he would often recount with a chuckle, was “riskier than the stock market itself.”
Betting big on India’s growth
His first big break came when he bought 5,000 shares of Tata Tea at Rs 43 each. Within three months, the stock had risen to Rs 143, netting him about Rs 5 lakh, more than he had ever imagined making in such a short time. Early bets on Tata Power and Sesa Goa further strengthened his capital base by the late 1980s.
Jhunjhunwala’s most famous investment remains Titan Company. In the early 2000s, when the stock languished amid declining profits and industry headwinds, he spotted potential in its Tanishq jewellery business. Gradually, he built a 5.1% stake at an average cost of Rs 30–40 per share. By 2025, this holding was valued at over Rs 15,000 crore, delivering returns exceeding 10,000%. “Always go against the tide. Buy when others are selling and sell when others are buying,” he would often say, echoing the contrarian streak that defined his career.
Through his firm, RARE Enterprises, named after the first two letters of his and his wife Rekha’s names, he built a diversified portfolio across consumer goods, financial services, healthcare, and infrastructure. Notable holdings included Star Health, CRISIL, Metro Brands, and Tata Motors. His ability to buy into fundamentally strong companies during times of pessimism saw him navigate crises from the 1992 securities scam to the 2008 global financial meltdown, and emerge wealthier each time.
In 2021, he co-founded Akasa Air with an initial $35 million investment for a 40% stake. Within a year of operations, the airline became the fastest-growing globally, a testament to his faith in India’s booming aviation market. An oft-repeated anecdote among associates is how he called Akasa’s first passengers to thank them for flying, a rare gesture from a billionaire investor.
A legacy beyond the markets
Colleagues, rivals, and policymakers admired him for his conviction and candour. Market veterans recall that his sheer presence at an investor conference could lift sentiment. Many on X hailed him as a symbol of New India’s entrepreneurial spirit and optimism. One user noted, “Rakesh Jhunjhunwala’s self-made success from a humble middle-class background is the story of New India. He has inspired so many across professions.” Another said, “He believed in India. He believed our story. He believed in our Future. He was one of the original India bulls.” Critics, however, pointed to allegations of insider trading, with one stating, “Rakesh Jhunjhunwala made all of his money via insider trading and had to settle outside court.” Overall, he was seen as a patriot who inspired generations to think big and bet on India’s growth.
By the time of his death in August 2022 from cardiac arrest, the Sensex had risen from around 150 points at the start of his career to over 59,000. His portfolio, now managed by Rekha Jhunjhunwala, was valued at over Rs 61,000 crore as of 2024.
Posthumously awarded the Padma Shri in 2023, Jhunjhunwala had pledged 25% of his wealth to philanthropy, supporting causes in education and healthcare, including the Rakesh Jhunjhunwala School of Economics and Finance at Ashoka University. His story, part maverick, part mentor, remains a touchstone for generations of Indian investors.