My Sunday routine was punctuated by a call from the office. “RJ is no more,” said the voice on the other side, “You got to rush to Breach Candy hospital.” I quickly grabbed my car keys and drove off.
I was greeted with an eerie silence, even by hospital standards. Because word hadn’t spread, I could walk right up to the room where family members were waiting. A few familiar (masked) faces acknowledged the untoward news with respectful head nods and joined hands. Rocky, as Rakesh Jhunjhunwala was known to his friends and near ones, had passed away. Accompanied by his wife Rekha, his driver and a member of his domestic staff, Jhunjhunwala was rushed to the hospital at 6:00 am.For the past few months, he was in and out of this hospital negotiating complications related to kidneys, diabetes and ischemic heart diseases. This visit, however, was to be his final one. Moments after his arrival, doctors pronounced him dead, citing cardiac arrest as the primary cause. By now, word had spread. A battery of journalists, OB vans, and camera personnel assembled outside.
Shortly, an ambulance carrying his mortal remains sped towards Il Palazo, his residence at Malabar Hill overlooking the sea, not too far away from the hospital. A message from the family said his “antim yatra” would take place at Banganga crematorium in the neighbourhood at 5:30 pm, which was later postponed to 10.30 pm.Security staff, police presence and barricades were increased and placed outside the hospital, his residence and the Banganga crematorium. For a nation of billion plus, but just nine crore Demat accounts, Jhunjhunwala represented courage and conviction. An unabashed nationalist and a staunch believer of the India Story, he represented the ultimate dream for all new entrants and wide-eyed hopefuls in the Indian stock market.
RJ was an ambassador of the great Indian Dream. He studied at Mumbai’s famous Sydenham College, completed his chartered accountancy and began his investment journey when he was in college in 1985 with a sum of Rs 5,000 with the help of friends. Through the years, his holdings in stocks like Titan, Lupin, Tata Motors and others have outsized returns. He also started dabbling with private investments which turned public, like Nazara Tech, Metro Brands, and Star Health Insurance. Back at Il Palazo, those from the hospital had reached along with other family members to pay their respects. Sounds of Jagjit Singh’s Hey Ram filled the room where, not very long ago, Jhunjhunwala’s laughter reverberated. Even as the air was sombre, there were conversations all about his zest for life and love for India and the word “Anand-Jeevi” (happy-soul) was aptly uttered in description. Among his friends present from the equity markets were Utpal Seth, CEO and Partner of Rare Enterprises, Ramesh Damani, Vallabh Bhansali, Hiren Ved and Radhakishan Damani. While Jhunjhunwala considered RKD his “guru” in the stock market, the former thought of him as one of his closest friends. RK Damani stood by his friend’s side from the hospital to his house.
Of the many pictures adorning the walls and tables at his residence, the one with PM Narendra Modi shot in October 2021 held a prominent corner.For me, an analyst covering the Indian Stock Market, Jhunjhunwala’s humility towards his craft stood out. Quarter after quarter, one would hear him asking questions to managements of his portfolio companies in their conference calls. For someone of “India’s Warren Buffett” like stature and $5 billion-plus portfolio size, it wasn’t necessary to wait in the queue every quarter. An army of analysts and all the listed companies would have been happy to answer any query of his over a private call within a second. But he meticulously pored over each number, every quarter, and wouldn’t hesitate to change his view within a second if the data wasn’t supportive of his original thesis. Maybe that’s what differentiated him as both a trader and a long-term investor.
In cricket parlance, he was an able-T20 batsman who could hit a few sixes down the order and an equally astute Test batsman who could navigate a tricky pitch for hours on end to save the game. Maybe, that’s what convinced him of his last big bet, too. Akasa Airlines, a low-cost, frugal airline, was promoted by him at a time when planes weren’t taking off during the pandemic. This was also India’s first new airline in a decade.When it was time for the aircraft to launch operations, his health took a turn for the worse but not his enthusiasm. Wheelchair-bound, he attended the inauguration event for Akasa Airlines and cut the ribbon with childlike glee. He showed off the recycled polyester uniforms of Akasa’s sneakered cabin crew. He also took a barb at how the competition ordered new chairs for their flights to compete with Akasa’s frugality. At another corner of his house lay grounded an orange scale model Akasa aircraft, in respectful homage to its promoter. Even in his last interview on CNBC-TV18, less than a week before his death, Jhunjhunwala, visibly unwell, didn’t shy away from his enthusiasm for India. He said: “India will outpace the world. Even if the world goes into recession, India will grow, albeit at a slower pace, but grow it will….”As global markets grapple with inflation, central banks increasing rates, and recession fears, a new wave of optimism in Indian markets and a successful investment journey of retail investors could be the best tribute to RJ. Sleep well, Big Bull, and as you’d often say, may “the mother of all bull markets” be right ahead of us.
