'He was so angry': How Rakesh Jhunjhunwala had reacted to Tata vs Mistry saga

The Big Bull of Indian markets, Rakesh Jhunjhunwala, who passed away on August 14, was a man who was known to not shy away from speaking his mind. Jhunjhunwala had his opinions on everything, from Rahul Gandhi to Donald Trump, to the infamous Ratan Tata vs Cyrus Mistry saga to even the issue of retail investors dominating the Indian bourses.

About the Tata vs Mistry saga, the Big Bull held Ratan Tata and his salt-to-information technology conglomerate, the Tata Group, in the highest regard. As Udayan Mukherjee, Business Today's Global Business Editor, points out, Jhunjhunwala was infuriated when the Tata vs Mistry slugfest was in full swing. 

“So you know there was this Cyrus Mistry versus Ratan Tata-a spat going on at that point in its full bloom and I walked in to find Rakesh talking about Cyrus and the kind of adjectives he was using. He was so angry if Cyrus had walked into that room then I feared to think what may have happened. He was so angry," Mukherjee said.

Also Read: Rakesh Jhunjhunwala was asked if Priyanka Chopra was his favourite actress: He gave a winning answer!

The Cyrus Mistry versus Ratan Tata fracas started in October 2016 when Mistry was thrown out as Tata Sons chairman and Ratan Tata was named as the interim chairman of the group. This was followed by Mistry family-backed investment firms – Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd—moving the National Company Law Tribunal (NCLT) in December same year.

These companies alleged the oppression of minority shareholders and mismanagement by Tata Sons and also challenged Mistry’s removal as the Chairman of Tata Sons. In January 2017, Tata Sons named Natarajan Chandrasekaran as the Chairman, the then CEO and MD of IT bellwether Tata Consultancy Services (TCS).  Later in February same year, Mistry was removed as the director on the board of Tata Sons, holding company of Tata group firms.

‘Jalta hua cigarette koi nahi chhodta’: The Big Bull on retail investors dictating Indian stock markets

The ace investor, also known as India's Warren Buffet, fervently believed that retail investors can become the driving force of the Indian bourses rather than FIIs.

“His one pet theme is that retail investors will finally come to Indian equities and they will invest their money there and they will become the driving force of the Indian stock market rather than FIIs and now it is playing out in front of our eyes over the last couple of years,” Mukherjee pointed out.

Also read: Rakesh Jhunjhunwala's firm buys 42.5 lakh shares of Singer India; stock zooms 19%

Rakesh Jhunjhunwala’s investing philosophy

The founder of India’s newest airline Akasa Air also had a unique analogy to explain his approach towards investing in markets and selecting his stocks. Mukherjee recollected, “Investing is like sipping wine slowly and trading is like downing tequila shots. Both of us know which is good for health—the wine—but both of us also know which is more thrilling -- the tequila, right, which is the trading.”

Also read: RIP Rakesh Jhunjhunwala: The incredible journey from Jhunjhunu to Dalal Street

‘Don’t teach your grandmother how to suck eggs’: Jhunjhunwala on Priyanka Chopra vs Rekha

Beyond the shark that Jhunjhunwala was at the stock market, the Big Bull also possessed a quirky wit and was known for his hilarious one-liners. Mukherjee recounted a fun banter he had with the late market maven around the latter’s 50th birthday. 

He said, “So when I met him I said Rakesh I’d say that you’ve become quite the ladies man these days. Priyanka Chopra and all I mean. Is she your favourite Bollywood heroine now or what?” To this, Jhunjhunwala replied and said he actually loves Rekha. Well not the Bollywood actor but his wife Rekha Jhunjhunwala. 

Also read: 'Right or wrong, keep harmony': When Rakesh Jhunjhunwala compared Sebi to spouse

Mukherjee noted, “So you know for a moment I was thrown. I thought it was Rekha the Bollywood heroine but actually he was talking about his wife Rekha and I burst out laughing because it was such a clever thing to say: I love Rekha and not Priyanka Chopra.”

This was followed by a quick and sarcastic retort. Mukherjee recalled, “He just looked at me and said hey young man don’t you go around trying those tricks with me. Don’t teach your grandmother how to suck eggs, as they say in England.” 

Also read: Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala holds these 19 stocks worth around Rs 10,000 cr