Indian investor and stock trader, Rakesh Jhunjhunwala, 62, passed away on Sunday at Breach Candy Hospital in Mumbai city.
Rakesh Jhunjhunwala, popularly known as ‘Big Bull’ and ‘Indian Warren Buffett’, reportedly suffered from ailments related to kidney and severe diabetes.
On August 14th 2022, he was rushed to the hospital due to uneasiness in health and was diagnosed with acute multiple organ failure from kidney problems. He passed away at 6:30 AM.
Rakesh Jhunjhunwala, who was born on 5th July 1960 in Hyderabad, Telangana, is the owner of asset management and stock trading private company named RARE Enterprises. All his investments and funding were managed and operated through RARE Enterprises.
He completed graduation from Sydenham College, Mumbai and went on to become charted accountant by profession.
With a net worth of 5.5 billion dollars, Rakesh Jhunjhunwala is the 36th richest man in India and a highly influential business magnate with close relationships with industrial and political leaders of the country.
On August 6th, Akasa Air, a low-cost Indian airline, founded and funded by Rakesh Jhunjhunwala, began its commercial flight operation between Mumbai and Ahmedabad.
Rakesh Jhunjhunwala, who started following stock markets when he was studying in college, made his first investment of 5000 rupees in 1985. As his father had asked him not to borrow money from anyone to invest in the markets, Rakesh saved all the money he had for the first investment.
After one year, in 1986, he made first big profit as his investments gave a net profit of 5 lakh rupees.
The following three years were crucial in Jhunjhunwalas’ life as a stock trader and investor, as he made nearly 25 lakh rupees in profit between 1986 and 1989.
He bought 5000 shares of Tata Tea, owned by Tata Consumer Products, at a rate of 43 rupees per share. Within three months, the share prices of Tata Tea surged by over 140 rupees per share. Over the next three years, the shares of Tata Tea helped Jhunjhunwala earn more than 25 lakh rupees.
Even after 36 years since his first big profit, Rakesh Jhunjhunwala continued to hold stocks of various Tata Group companies in his, 11000 crore portfolio.
According to numbers released for the second quarter of the current financial year, Rakesh Jhunjhunwala owns stocks in 47 companies across various sectors. Out of these 47, 4 stocks are of companies under Tata Group – Tata Motors, Indian Hotels Company, Tata Communications and Titan.
Following his demise, Prime Minister of India, Narendra Modi wrote on Twitter,
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.