Rakesh Jhunjhunwala was an Indian billionaire business tycoon, stock trader and investor. He started investing in 1985 with a capital of ₹5,000, making his first major profit in 1986. At the time of his death, he had an estimated net worth of $5.8 billion, making him the 438th richest person in the world. He was a partner in his own asset management company, Rare Enterprises. In addition to being an active investor, he served as chairman and director of several companies. He was also the founder of Akasa Air. He was investigated for insider trading and settled with SEBI in 2021. Often referred to as “India’s Warren Buffett” or “The Great Bull of India”, Jhunjhunwala was widely known for his stock market predictions and bullish outlooks.
Stock market veteran and Indian billionaire Rakesh Jhunjhunwala, dubbed India’s own Warren Buffett, died on Sunday in the city of Mumbai at the age of 62. Prime Minister Narendra Modi led the tributes to the business tycoon, who was estimated to have a net worth of $5.8 billion Forbes. “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the world of finance,” Modi tweeted, also offering his condolences to Jhunjhunwala’s family. The cause of his death has not yet been released, although he was said to have been suffering from various health problems.
Jhunjhunwala, a chartered accountant from the northern state of Rajasthan, started investing in the stock market while still in college, starting with just 5,000 rupees ($63) in capital. He went on to found and manage RARE Enterprises, an asset management company. As his net worth continued to grow, he became one of the richest people in India with investments in some of the country’s largest companies.
In his latest venture, he helped launch low-cost airline Akasa Air, which took its maiden flight last week. Jhunjhunwala was seen at the launch in a wheelchair, local media reported. The airline said it was “deeply saddened” by the news of his death. “We at Akasa cannot thank Mr. Jhunjhunwala enough for believing in us early and putting his trust and faith in us to build a world-class airline,” the statement said. Jhunjhunwala, also called the “Big Bull” of the country’s Bombay Stock Exchange, was known for taking risks in the market and in his investments.
“Investor, bold risk taker, masterful understanding of stock market,” Finance Minister Nirmala Sitharaman tweeted, calling him “my leader” who strongly believes in India’s strength and growth. In an interview , Jhunjhunwala said that despite adverse economic conditions around the world, “the Indian market will grow but at a slower pace.”He is survived by his wife and three children.
Read More:Actress Priyanka Chopra shared picture of her daughter Malti Marie Chopra Jonas
