On Sunday morning, when India celebrated its 75th Independence Day, the news of the demise of legendary investor Rakesh Jhunjhunwala sent shock waves across the nation.
The stock market maverick was known for his decisiveness to invest in stocks with high valuations. His firm, RARE Enterprises, focuses on stock market trading. Jhunjhunwala was known for guiding his friends and colleagues, on the right investment in the stock market.
According to Trendyline, a stock market tracking portal, his net worth in August is Rs. 31,833.77 crore.
As per the portal, he has invested in 32 companies across sectors and market capitalisations. He has the highest holding in Titan worth Rs 11,086 crore, followed by recently listed Star Health and Metro Brands worth Rs 7,017.5 crore and Rs 3,348 crore, respectively. In terms of percentage shareholding in a company, he has the highest holding in Aptech Ltd with 23.4 per cent, followed by Star Health, Metro Brand and NCC with 17.5 per cent 14.4 per cent and 12.6 per cent, respectively.
Investors are worried how the market will react today. Some of them declined to comment, citing their grief for losing, while others said the news won't affect the market drastically.
"What else could be a better tribute to the big bull than if the stock market touches the upper circuit," says an expert, without wanting to be names. He adds though that this is highly unlikely as the market doesn't get guides by emotions.
Anther expert we spoke to says, “Some of the stocks which have a sizeable investment from the big bull may face higher volatility as many small retail investors are also invested in them. Such stocks would see some selling pressure, but bigger stocks may not feel the heat."
One of the very famous quotes of the big bull is “Respect the market”. It would be interesting to see how Indian stock market shows its respect and pay its tribute to the maverick of the stock market.