Gautam Adani | Rakesh Jhunjhunwala: Nirmala Sitharaman, Gautam Adani, others react to Rakesh Jhunjhunwala’s demise

In a tweet, PM Modi said Rakesh Jhunjhunwala was indomitable and very passionate about India’s progress.

“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” PM Modi said.

Fondly referred to as the Big Bull, the ace investor had been making his mark on Dalal Street since 1985 when the BSE Sensex was ruling at the 150 level. Starting his career with just Rs 5,000, Jhunjhunwala was worth $5.8 billion, as per Forbes.

Jhunjhunwala once said that 98 per cent of the money in the stock market was made by being a bull.

“As an investor, I may feel a stock is overpriced, so I should sell. But my trading skills teach me that stocks can be overvalued and still get more overvalued,” he once told ET NOW.

Deepak Shenoy, Founder and CEO at Capital Mind, said Jhunjnunwala was a trader, investor and legend that inspired many. “He played the short and long side and made his peace with the market. He will be remembered fondly. Condolences to his family,” Shenoy said in a tweet.

“No matter what, the mother of all bull markets was ahead of us, he would say. And he’s always been right,” Shenoy added.

Industrialist Gautam Adani said he was 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,” he said.

Finance Minister Nirmala Sitharaman called Jhunjhunwala a bold risk taker and remembered her conversations with the late stock investor.

“Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we had. He had strong belief in India’s strength and capabilities. Condolences,” she said.

Shyam Sekhar, Founder at iThought Advisory, said Jhunjhunwala was a man who made so many of us think big, dream big and learn to evolve with the times. The Big Bull was much more than an investor, he said. “Sad ends like this make us numb,” he tweeted.

Posting an old picture of him with the legendary investor, Nikhil Kamath of Zerodha said: “There will never again be someone like you, RIP.”

The stock market has lost its crown jewel. But the wisdom and words of this jewel will shine forever, says Hiren Ved of Alchemy Capital.

His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook, said Union Home Minister Amit Shah.

Manish Chokhani of Enam Holdings said: Rakeshji was an extremely astute and clear-headed investor, a perennial India bull.