Veteran stock market investor Rakesh Jhunjhunwala Passes Away

[Deepak Kiran]

Veteran stock market investor Rakesh Jhunjhunwala died on Sunday morning here. He was 62 and was suffering from kidney ailments. According to sources, he was undergoing dialysis on a regular basis as both his kidneys had failed. He was brought to the Candy Breach Hospital at 6:45 AM and was declared dead.

Jhunjhunwala was suffering from multiple health issues and was discharged from the same hospital a few weeks ago after being treated for kidney-related issues..

Both a trader and a chartered accountant, and one of the richest men in the country, he was last seen in public at Akasa Air’s launch.



Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.

After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.

But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.

In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.

Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.

 

[Deepak Kiran]

• The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion, according to Forbes. He was the 36th richest billionaire in India.
• He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch India's newest airline Akasa Air - which took off last week. He was seen on a wheelchair at the launch of Akasa Air.
• Rakesh Jhunjhunwala was also dubbed as "India's Warren Buffett" who was mostly bullish about the country's stock market.
• Overall, Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings. He was also the chairman of Hungama Media and Aptech.
• His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also an investor.
• Rakesh Jhunjhunwala was born on July 5, 1960. His father worked as an Income Tax officer in Mumbai. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
• Jhunjhunwala began investing with ₹ 5,000 in 1985 when the Bombay Stock Exchange's benchmark index Sensex was at 150; it now trades at over 59,000.
• Prime Minister Narendra Modi condoled his death and said the legendary investor "leaves behind an indelible contribution to the financial world." Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.