Experienced stock market investor Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai. He had invested in many well-known and reputed companies as well in the upcoming startups. He is mostly referred to as India’s Warren Buffett and also the Big Bull of the Indian market. His net worth was $5.8 billion as of August 2022.
Jhunjhunwala invested both individually and via his firm Rare enterprises. Akasa Air which is a low-cost airline is funded by Rakesh Jhunjhunwala. It was inaugurated on August 7.
According to Forbes, Jhunjhunwala was the 36th richest person in India and 438 richest people in the world, so far in 2022.
In July 2021, Jhunjhunwala and his wife Rekha Jhunjhunwala with eight others settled a case regarding alleged insider trading of shares of Aptech by agreeing to pay more than Rs 37 crores. This is the combined total amount to be paid by ten individuals which include settlement charges, disgorgement of ill-gotten gains, and interest charges.
The related case was settled under the consent route. In the consent route, the alleged can close a pending market with the market regulator Securities and Exchange Board of India (SEBI) without admitting or denying the charges against them.
His portfolio has companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors. Moreover, He had stakes in 47 companies at the end of the June quarter. He has holdings in approx 19 companies which includes Tata Communications, Titan Company, Bilcare, Va Tech Wabagh, Federal Bank, and Aptech.
Rakesh Jhunjhunwala was born on July 5, 1960, in a Rajasthani family in Mumbai. In Mumbai, his father worked in the post of Commissioner of Income Tax. He graduated from Sydenham College. After that, he was admitted to the Institute of Chartered Accountants of India. Jhunjhunwala entered the stock market with Rs 5000 in 1985. Sussex was just 150 points at that time.
Prime Minister Narendra Modi expressed sorrow over the passing away of Rakesh Jhunjhunwala. He tweeted, ” 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.”
Founder of IIFL Group, Nirmal Jain said that Jhunjhunwala understood the market better than anyone else. He took the risks and contributed so much to the capital market. He was transparent in his behavior and always spoke with his heart. He was a man full of life. He radiated positivity and cared about everyone he knew. He was always eager to help. In short, he was a man with a heart of gold.
Many other big personalities expressed their grief and sorrow over the death of Jhunjhunwala.
CEO and MD of Motilal Oswal group, Motilal Oswal said that they started their career together in the mid-80s. They used to meet a lot when they started. Oswal has so many memories of Rakesh Jhunjhunwala from the days of the trading hall till now. Jhunjhunwala had a deep understanding of the market which was based on the fundamentals of the company. His communication style was frank.
