Ace investor Rakesh Jhunjhunwala passes away at 62
Ace investor Rakesh Jhunjhunwala (62) has passed away. Referred to as the "Big Bull of Dalal Street" for his unique investing style, he had a net worth of $5.5B (July 2022). Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment and was on the boards of Prime Focus, Geojit Financial Services, Bilcare Limited, among others. May his soul rest in peace.
Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala passes away at the age of 62 in Mumbai pic.twitter.com/36QcRfHXsa— ANI (@ANI) August 14, 2022
Jhunjhunwala was suffering from multiple ailments, including kidney problems, and had been discharged from Breach Candy Hospital in Mumbai a few weeks back. At 6:45 am on Sunday, the investor was rushed to the same hospital but was declared dead on arrival. He was one of the richest persons in our country and was last seen in public during the launch of Akasa Air.
The son of an income tax official, Jhunjhunwala dabbled in the stock market while he was in college, with a capital of Rs. 5,000 in 1985. He later enrolled at the Institute of Chartered Accountants of India but turned his attention toward stock markets after graduation. By September 2018, his capital grew to Rs. 11,000cr. He believed reading newspapers was crucial for making investments.
Jhunjhunwala had a privately owned stock trading firm called RARE Enterprises. Its name was derived from the first two letters of his name and his wife Rekha. He also had very large holdings in Titan, Metro Brands, Star Health, and Tata Motors Ltd.
Prime Minister Narendra Modi put out a tweet condoling the ace investor's demise on Sunday. He wrote, "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," he added.