Updated: Sun, 14 Aug 2022 10:56 AM IST
Veteran stock market investor Rakesh Jhunjhunwala, who was popularly known as "India's Warren Buffett", passed away on Sunday morning following a cardiac arrest at the age of 62. Often referred to as 'India's Warren Buffett' and the Big Bull of the Dalal Street, Jhunjhunwala had a net worth of $5.8 billion, according to Forbes.
As per Forbes, Jhunjhunwala was the 36th richest person in the country in 2021 and the 438th richest man in the world, so far in 2022. He had a stake in 47 companies by the end of June quarter.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors. He also had holdings in 19 companies, including Tata Communications, Titan Company, Bilcare, Va Tech Wabagh, Federal Bank, and Aptech.
He was also the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
Born on July 5, 1960, in a Rajasthani family, Jhunjhunwala, an investor with Midas touch, entered the stock market with just Rs 5,000 in 1985 when the Sensex was at 150 points. A year later, he earned his first big profit after buying 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. In three years, he earned Rs 20-25 lakh.
He purchased Titan Company Limited in 2002-2003 for Rs 3 average price, which is currently selling for Rs 2,140. In 2006, he invested in Lupin Limited and paid an average of Rs 150 for each purchase. It is currently trading at Rs 635.
Last year in September, Jhunjhunwala invested in three stocks Nalco, Canara Bank, and Indiabulls Real Estate. Few months later, he also invested his money in Star Health and Allied Insurance and Metro Brands.
Akasa Air, however, was his most recent investment. A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."