Indian stock market loses most bullish follower

Hyderabad: Early Sunday morning, Indian stock markets lost one of their most optimistic followers when top investor Rakesh Jhunjhunwala passed away after a devastating cardiac arrest.

He was rushed to Breach Candy Hospital in Mumbai at around 6:45 am following cardiac arrest. But the 62-year-old was pronounced dead by hospital authorities on arrival.

Jhunjhunwala, who suffered from multiple health problems, had recently undergone treatment for kidney-related problems.

Born on 5 July 1960, Jhunjhunwala graduated from Sydenham College and later enrolled in the Institute of Chartered Accountants of India.

Since his father worked as a tax officer in Mumbai, he was drawn to the financial world from an early age.

He studied stock price movements through newspapers and read company annual reports to understand the state of their finances.

Jhunjhunwala started trading stocks in 1985 with an initial investment of Rs 5,000 when the Sensex hovered around 150.

In 37 years of his stint as a stock trader, his wealth grew to $5.8 billion (Rs 46,185 crore), making him the 36th richest in India. His optimistic stance on the stock markets earned him the tags of India’s Warren Buffett and the Big Bull.

Although he suffered from several health problems, he was never tired of many new bets. His latest venture is India’s newest airline, Akasa Air. His entry into the risky aviation sector, the fund-guzzler, surprised many.

In 2022, Jhunjhuwala had his investments in more than three dozen companies. He was also the chairman of Hungama Media and Aptech.

Prime Minister Narendra Modi lamented the death of the Big Bull, saying the legendary investor is “leaving an indelible contribution to the financial world”.

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