Dalal Street Investor Big bull Rakesh Jhunjhunwala passed away today morning at the age of 62. He was suffering from multiple health issues including Kidney issues in recent times only he was discharged from the hospital many times. Jhunjhunwala recently launched Akasa Air. He was famously known as India’s Buffet. He is an Inspiration to many investors and became the torch bearer for investors. Rakesh Jhunjhunwala turned his career as a Trader. He was the 36th richest man in India, with an estimated net worth of $5.5 billion (as of July 2022).
After hearing the news about Rakesh Jhunjhunwala, Prime minister Shri Modi Ji Tweeted as
“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.” and shared his condolences.
Table of Contents
Personal life
Rakesh Jhunjhunwala was Born on 5, July 1960 in Hyderabad. He was a successful Indian businessman, stock trader, and investor. He only handled his own portfolio and gain profits throughout his life. Jhunjhunwala grew up in Bombay in a Rajasthani household, where his father worked as an Income Tax Commissioner. His surname implies that his forefathers were from the Rajasthan town of Jhunjhunu. He attended Sydenham College before enrolling in the Institute of Chartered Accountants of India.
On February 22, 1987, Rakesh Jhunjhunwala married Rekha Jhunjhunwala. The couple was the parents of three children. Nishtha, their daughter, was born on June 30, 2004. Aryaman and Aryaveer, their twin sons, were born on March 2, 2009. He always says that his biggest support was his wife.
Career
Jhunjhunwala became interested in the markets after observing his father and with his guidance Rakesh began investing while still in college, thanks to his savings. His investment has risen from 5,000 rupees in 1985 to 11,000 crores presently.
Jhunjhunwala served on the boards 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 in addition to being an active investor.
Rakesh Jhunjhunwala’s first large profit was 5 lakh in 1986. He made over 20-25 lakh profit between 1986 and 1989. His largest investment as of 2021 was in Titan Company, which was valued at 7,294.8 crores. He was a member of India’s International Movement to Unite Nations’ Board of Advisors (I.I.M.U.N.). Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey co-founded Akasa Air, an Indian airline.
Controversy
Rakesh Jhunjhunwala was charged with insider trading. The Securities and Exchange Board of India (SEBI) has moved to resolve an ‘insider trading’ case involving ace investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala, and eight others accused of irregular activity in Aptech Computers shares. The SEBI has concluded the matter as of July 2021, after receiving a total payment of 35 crores from Jhunjhunwala and his colleagues. Jhunjhunwala paid $18.5 million, while his wife paid $3.2 million.
Death
Rakesh Jhunjhunwala Died on 14 august 2022 at the age of 62 with chronic health issues. Jhunjhunwala was known for his investment strategies and his willingness to take risks. Some have speculated that the pressures of his success contributed to his death.
Jhunjhunwala’s death is a reminder of the importance of taking care of oneself and of having balance in one’s life. His story serves as a cautionary tale for those who are pursuing success at any cost.
He was a Philanthropist who always strives for Indian Economic development. A famous quote of his that will inspire many investors was “ Nobody can predict the weather, death, market, and women. The market is like a woman, always commanding, mysterious, uncertain, and volatile. You can never really dominate a woman and likewise, you cannot dominate the market”. He was an Iconic Investor forever.
Final Lines
Rakesh Jhunjhunwala is a successful Indian investor who has made a name for himself in the global financial community. He has a history of making smart investments and has been able to amass a sizable fortune. He is a popular figure in the Indian investment community. Jhunjhunwala is a self-made man and has worked hard to achieve his success. He is a tough businessman who is not afraid to take risks.
At last Rakesh Jhunjhunwala gave his best contribution to the Indian market and Indian Investors. He was the one in this Era of Investing. So many investors take his as Inspiration and follow his Portfolio.
Rakesh Jhunjhunwala is a Wonderful Man. We are expressing our deepest condolences to him may his soul Rest in Peace.