Big Bull's magic: How Rakesh Jhunjhunwala turned Rs 1 crore into Rs 20 crore overnight after the 1989 budget
Rakesh Jhunjhunwala, the legendary “Big Bull” of Dalal Street, built his reputation through conviction and contrarian investing. A standout example came in 1989, when widespread fears of an anti-business Union Budget triggered panic selling. At just 29, Jhunjhunwala bet against the prevailing sentiment, believing VP Singh’s government would take a pragmatic, growth-oriented approach.
“In 1989, on Budget day, I had 1 crore and the next day I had 20 Crores.” “For Madhu Dhanwate’s Budget, people were so bearish. I knew VP Singh government won’t hurt the business community. He had reduced Tax rates and abolished estate tax.” - Rakesh Jhunjhunwala. Flame Uni. pic.twitter.com/UPMav783Zh
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