Ace Investor Rakesh Jhunjhunwala Passes Away: The ‘Big Bull of Dalal Street’ and Ace Investor and lived his last in Mumbai today. Mr. Jhunjhunwala passed away at the age of 62 due to multiple health complications. Here are 10 things you should know about the Billionaire Business Magnate Rakesh Jhunjhunwala.
Ace Investor Rakesh Jhunjhunwala Passes Away
Ace Investor Rakesh Jhunjhunwala Passes Away: The ‘Big Bull of Dalal Street’ and Ace Investor and lived his last in Mumbai today. Mr Jhunjhunwala passed away at the age of 62 due to multiple health complications days after being rushed to Breach Candy Hospital in Mumbai at 6:45 AM in the morning. He was suffering from multiple health conditions including a kidney-related ailment and chronic diabetes. He is survived by his wife Rekha Jhunjhunwala, daughter Nishtha Jhunjhunwala, and two sons Aryaman Jhunjhulwala and Aryavir Jhunjhunwala.
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. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi)
August 14, 2022
Here are 10 things you should know about the Billionaire Business Magnate.
- Family and Personal Background: Rakesh Jhunjhunwala was born on 5th July 1960 and grew up in a Rajasthani Family based in Bombay/Mumbai. His father was a government servant and operated as the Commissioner of Income Tax.
- Academic Background: Rakesh Jhunjhunwala was a Chartered Accountant (CA) by qualification. Prior to getting his professional CA degree, he had finished his graduation degree from Sydenham College Mumbai.
- Journey on Dalal Street: Mr Jhunjhunwala got interested in stock markets and trading inspired by his father and his friends. He began investing in Stocks in 1985 with a base capital of Rs 5000/-, when BSE operates to trade at 150. Over the next 3 decades, he dominated the Indian Stock Markets and went on to become one of the most profitable, well-known, and influential stock trades in the country.
- Nicknames: The unique investing style and the high-risk-taking profile of Rakesh Jhunjhunwala earned him several nicknames during his career. He was fondly known as the ‘Big Bull of Dalal Street’ and even as the ‘India’s Warren Buffet’ in trading circles across the country.
- Networth: As per Forbes’ Real-time Billionaires Index, Jhunjhunwala is ranked among the top 500 richest billionaires, having a net worth of $5.8 billion (about Rs 46,000 crore) as of July 2022. This also made him the 36th richest man in the country.
- First Break: Jhunjhunwala’s first major profitable investment came in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. During this period, he managed to earn Rs 20-25 lakh.
- Stock Portfolio: As on 2018, the stock portfolio held by Mr. Rajesh Jhunjhunwala grew to Rs 11000/- crores. It included some of the most profitable companies in India such as Star Health, Titan, Rallis India, Escorts, Canara Bank, and Tata Motors among others.
- Positions Held: A chartered accountant by profession, Mr. Jhunjhunwala also acted as the chairman of Hungama Media, Aptech. In addition to this, he also was among the board of directors for major brands such as Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
- His Trading Company: He also ran a privately-owned trading firm or asset management firm called ‘RARE’ enterprises which were named after his and his wife’s initials.
- Akasa Air: Recently, he also launched Akasa Air – India’s newest airline which took its first flight just days before on 7th August 2022.