Why did Rakesh Jhunjhunwala buy Titan shares when everyone else was selling? Ramdev Aggarwal explains

The late Indian billionaire investor, often referred to as the Big Bull of Dalal Street and India’s Warren Buffett, had a natural gift for smelling a bargain, which allowed him to take his popular bet on Titan, according to market veteran Ramdev Aggarwal.

Ramdev Aggarwal first met Rakesh Jhunjhunwala in 1988 and found him exceptionally smart and full of stock market wisdom, Motilal Oswal chairman said in a 2022 podcast ‘Market Ki Baat’ by Grove, which was later compiled into a book called ‘The αlpha’. “Even then, Rakesh held a very big position. There was nothing hidden in his life. He was a man who wanted everyone around him to earn money,” he said.

Rakesh Jhunjhunwala could be rude at times, but that was because he was very frank, according to Aggarwal, who added that the late investor was a gem of a person. Ramdev Aggarwal explained that Jhunjhunwala was known as a bargain hunter and exceptional bargain picker. “Not because he was a CA. It was a natural trait, a gift that allowed him to sense or smell a bargain. And when he got it, he knew exactly how to make the most of it,” he said on Grove’s podcast, as quoted in the book.

Rakesh Jhunjhunwala’s Titan Bet

Ramdev Aggarwal illustrates this with the example of Jhunjhunwala’s bet on Titan. In 2001–2022, several adverse external factors such as rising raw material prices, especially gold prices, more competition and lower demand also reduced the company’s profits, along with disputes between company management and employees’ unions, which led to the lockout of the company’s key factory at Hosur.

As this long list of problems and poor performance of the company was revealed, Titan’s share price fell to Rs. It fell to a low of 29. Rakesh Jhunjhunwala at this time shares of Titan Rs. 30 to Rs. 35 per share had started buying at a lower price. As of March 31, 2026, Jhunjhunwala’s family holds about 5% stake in the company, which is now worth about Rs. 20,250 crores.

Agarwal said that many people bought Titan shares in the early days, but hardly anyone held onto them for 20 years. However, Jhunjhunwala saw the company transform from a watchmaker to a jewelery business. “That’s what sets him apart. Of course, he’s 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 differences, chairman Motilal Oswal said that Jhunjhunwala was ahead of his time.

Jhunjhunwala died in 2022 at the age of 62 due to 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. Raised in a Marwari family, he developed a passion for the stock market at an early age. A qualified chartered accountant, he invested in his own name and that of his wife Rekha Jhunjhunwala. He favored stocks in the finance, tech, retail and pharma sectors.

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