Big Bull’s magic: How Rakesh Jhunjhunwala turned Rs 1 crore into Rs 20 crore overnight after the 1989 budget

August 16, 2026

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.

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