{
  "id": 1240361,
  "title": "Big Bull's magic: How Rakesh Jhunjhunwala turned Rs 1 crore into Rs 20 crore overnight after the 1989 budget",
  "url": "https://urgent.news/2026/08/16/big-bulls-magic-how-rakesh-jhunjhunwala-turned-rs-1-crore-into-rs-20",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-16T08:11:03.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/big-bulls-magic-how-rakesh-jhunjhunwala-turned-rs-1-crore-into-rs-20-crore-overnight-after-the-1989-budget/articleshow/133272063.cms"
  },
  "original_language": "en",
  "account": "In the midst of panic surrounding the 1989 Union Budget, a young investor named Rakesh Jhunjhunwala made a bold decision. With a net worth of roughly Rs 1 crore to Rs 2 crore, Jhunjhunwala invested heavily in discounted shares, particularly Sesa Goa, an iron-ore exporter. This decision came after Jhunjhunwala's belief that the new VP Singh government, led by Finance Minister Madhu Dandavate, would not implement an anti-business budget, as initially feared. When the budget was released, Jhunjhunwala's thesis proved correct, and the market rallied, resulting in an overnight transformation of his wealth from Rs 1 crore to Rs 20 crore. This remarkable feat has become a testament to Jhunjhunwala's astute investment philosophy and has solidified his status as the \"Big Bull\" of the Indian stock market.",
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}