Amid widespread fears that RBI Governor Raghuram Rajan’s imminent exit from the Reserve Bank of India will spook investor sentiments and hurt financial markets , ace investor Rakesh Jhunjhunwala on Monday said there was no reason for panic as the legacy of Rajan is most likely to continue on Mint Street.As if on cue, the BSE Sensex rebounded from a 170-point gap-down opening to trade in the green within the first half-an-hour of trade.Jhunjhunwala, often referred to as India’s own Warren Buffett, called the market reaction “mature” and said he expected the benchmark indices to end the day in the green."There is no reason for panic. Whoever comes as the new governor will continue the good work," he said, adding "India's fundamentals do not change with Governor Rajan's exit.”The rupee, however, took a big hit, tanking 60 paise to 67.68 against the US dollar in early trade on Monday. There was also a buzz on Dalal Street on Monday morning that FIIs were unwinding their long positions on the index.“Undoubtedly, Rajan has played a big role in building India’s credibility among the global investment community and his exit would disappoint investors. However, we do not believe this is an end to the India story,” foreign brokerage CLSA said in a note on Monday.Rajan announced over the weekend that he would not consider a second term at RBI and instead return to academia at the end of his term on September 4.The development added to the fears over a possible Brexit and its impact on euro, dollar and emerging market (EM) currencies, which also weighed on sentiments.In his interview with ET Now, Jhunjhunwala insisted that Brexit is going to be more important for the market than Rexit, but it’s most likely to be end up being a ‘Bremain’ vote at the June 23 referendum.He, however, said should the Brexit vote leads to a breakup of the European Union, that will be a big concern.Latest polls in the United Kingdom have given a slender edge to the ‘Bremain’ camp ahead of the island nation’s scheduled referendum on whether to stay with the European Union or leave it.Experts, globally, have raised concerns over the potential impact of a Brexit with many suggesting that it might trigger a recession in the global economy.Speaking on the market’s performance, Jhunjhunwala said the path for the market is going to be upward with 7,000-7,200 forming a base for the Nifty50.