Veteran stock market investor Rakesh Jhunjhunwala, often referred to as the Warren Buffett of India and who had a net worth of USD 5.8 billion, passed away here on Sunday morning.
He was 62 years old.
A source in the newly established airline said that Jhunjhunwala passed away in the early hours of a heart attack.
According to Forbes, often referred to as the ‘Warren Buffett of India’ and the Big Bull of Indian markets, Jhunjhunwala had a net worth of USD 5.8 billion.
Starting his journey in the stock markets while still in college with a capital of only Rs 5,000, he recently collaborated with former Jet Airways CEO Vinay Dubey and former IndiGo chief Aditya Ghosh to launch Akasa Air – India’s newest budget carrier. launched. The airline started commercial operations this month with the first flight from Mumbai to Ahmedabad.
Jhunjhunwala, an investor with a Midas touch, was the 48th richest person in the country.
Chartered Accountant by education, he chose Dalal Street instead of Audit. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had grown to Rs 11,000 crore.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazra Technologies, Tata Motors.
In all, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors and Metro brands were some of his biggest holdings.
He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concorde Biotech, Provogue India and Geojit Financial Services.
Born on 5 July 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay, where his father worked as the Commissioner of Income Tax. He graduated from Sydenham College and then joined the Institute of Chartered Accountants of India.
He made his first big profit in 1986 when he bought 5,000 shares of Tata Tea for Rs 43 and within three months the stock rose to Rs 143. He earned Rs 20-25 lakh in three years.
When Jhunjhunwala entered the stock market, the Sensex was at 150 points.
His privately owned stock trading firm Rare Enterprises takes its name from the first two initials of his name and his wife Rekha, who is also a stock market investor.
Prime Minister Narendra Modi has expressed grief over the death of Jhunjhunwala.
He tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he made an indelible contribution to the financial world.”
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)