Updated: Sun, 14 Aug 2022 10:33 AM IST
Popularly known as 'Big Bull of India' and the 'King of Bull Market' Rakesh Jhunjhunwala passed away on Sunday (August 14) at the age of 62. Jhunjhunwala was known as “India’s Warren Buffet." According to the information given by the sources, the investor was brought to the Candy Breach Hospital at 6:45 AM in the morning where the doctors declared him dead.
Jhunjhunwala reportedly had multiple health issues including kidney ailments. A few weeks ago, the investor had been discharged from the hospital, the sources said.
As soon as the news of Rakesh Jhunjhunwala's death surfaced online, condolences poured in. Prime Minister Narendra Modi also paid his heartfelt tribute.
"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti," PM Modi tweeted.
Who Was Rakesh Jhunjhunwala?
Rakesh Jhunjhunwala was one of the richest men in the country. He was both a trader as well as a chartered accountant. Apart from that, he was also the chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Early Life and about Jhunjhunwala's investing career
Born on July 5, 1960, Rakesh belonged to a middle-class family. Jhunjhunwala belonged from Rajasthan and completed his graduation from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India. His father worked as a Commissioner of Income Tax.
Back in the year 1985, Jhunjhunwala first stepped into the stock market with Just Rs 5,000, and today his investment has grown to ₹11,000 crores. He had an estimated net worth of Rs 5.5 Billion (as of July 2022), which makes him the 36th richest man in India.
Rakesh Jhunjhunwala was among one the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
Back in the year 1986, Jhunjhunwala made his biggest profit worth of Rs 5 Lakh when he bought Tata Tea shares. During 1986 and 1989, Rakesh earned a profit of Rs 20-25 Lakhs.
One of the biggest investments of Jhunjhunwala as of 2021 was in Titan Company which is worth Rs 7,294.8 crore.
Rakesh Jhunjhunwala as Co-founder of Akasa Air
Akasa Air is an Indian airline, and was Co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey.
Currently, the airline consists of 2 aircraft with an additional order for 70 more aircraft. As of 9th August 2022, the aircraft flies to 3 cities.