Veteran investor Rakesh Jhunjhunwala passed away of cardiac arrest at Breach Candy Hospital in Mumbai early on Sunday morning. Born on 5 July 1960, Mr Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India. He had an estimated net worth of US$5.5bn (billion) (as of July 2022), which made him the 36th richest man in India and was widely known for his stock market predictions and bullish outlooks.
Besides being an active investor, Mr Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
He was the most recent inheritor of the sobriquet Big Bull—after MJ Pherwani former chairman of Unit Trust of India and later Harshad Mehta.
He was seen on a wheel-chair last week during the launch of Akasa Air, an Indian airline co-founded by him and former Jet Airways CEO Vinay Dubey. In an interview to a media channel last week, he had expressed his happiness and excitement that the airline’s first flight was taking off. The airline currently has 2 aircraft, with an additional order for 70 more aircraft, and flies to three cities as of 9 August 2022.
Mr Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand, he started investing early when in college. Beginning with Rs5,000 capital in 1985, today his investment has grown to Rs11,000 crore. The first big profit of Rakesh Jhunjhunwala was Rs5 lakh in 1986. Between 1986 and 1989, he earned almost Rs20 lakh-Rs25 lakh profit.
He is survived by his wife Rekha and three children.
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