Raamdeo Agrawal met Rakesh Jhunjhunwala for the first time in 1988 and found him exceptionally smart and full of stock market wisdom, the Motilal Oswal Chairman said in a 2022 podcast ‘Market Ki Baat’ by Groww, which was later compiled in a book named ‘The αlpha bets’. “Even at that time, Rakesh took very large positions. There was nothing hidden in his life. He was a man who wanted everyone around him to make money,” he said.
Rakesh Jhunjhunwala could be rude sometimes, but that was because he was too frank, according to Agrawal, who added that the late investor was a gem of a person. Raamdeo Agrawal explained that Jhunjhunwala was known as a bargain hunter and an exceptional bargain picker. “Not because he was a CA. It was a natural trait, a gift that allowed him to sense or smell bargains. And when he found one, he knew exactly how to make the most of it,” he said at Groww’s podcast, as quoted in the book.
Rakesh Jhunjhunwala’s Titan bet
Raamdeo Agrawal explained this with the example of Jhunjhunwala’s bet on Titan. In 2001-2022, several unfavourable external factors such as an increase in the price of raw materials, especially gold, greater competition and low demand had also dented the profitability of the company, along with disputes between the company management and the Employees’ Union, which led to the lockout of the company’s key factory at Hosur.
As this long list of the company’s difficulties and poor performance became public knowledge, the share price of Titan dropped to a low of Rs 29. Rakesh Jhunjhunwala started purchasing shares of Titan around this time at low prices ranging from Rs 30 to Rs 35 per share. As of March 31, 2026, Jhunjhunwala’s family owns around a 5% stake in the company, which is now worth nearly Rs 20,250 crore.
Agrawal said that many people had bought Titan shares during the early days, but hardly anyone held on to them for 20 years. Jhunjhunwala, however, did, as he saw the company transform from a watchmaker to a jewellery business. “That is what set him apart. Of course, he also had his share of mistakes,” he said.
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Agarwal noted that he, too, sold Titan shares at a time when Jhunjhunwala was actively buying them. While they had disagreements, the Motilal Oswal Chairman said that Jhunjhunwala was ahead of his time.
Jhunjhunwala died at the age of 62 in 2022 because of kidney-related problems. Born on July 5, 1960, the investor and trader was known for his penchant for identifying gems. While he was alive, he managed an asset firm called Rare Enterprises. Growing up in a Marwari family, he developed a passion for stock markets at a young age. A qualified Chartered Accountant, he invested in both his own name and his wife’s, Rekha Jhunjhunwala. He favoured stocks in the finance, tech, retail and pharma sectors.
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