Veteran stock investor Rakesh Jhunjhunwala has died aged 62 in Mumbai. Jhunjhunwala has invested in many well-known and established companies over the years, as well as emerging startups.
The net worth of Jhunjhunwala, often referred to as Warren Buffett of India, and the big bull of the Indian markets, was $5.8 billion in August 2022. He invested through his company Rare Enterprises. Low cost airline Akasa Air, supported by Rakesh Jhunjhunwala, was inaugurated on 7 August.
According to Forbes, Jhunjhunwala was India’s 36th richest person in 2021 and the 438th richest man in the world, so far in 2022.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. In total, he held a stake in 47 companies at the end of the June quarter. He has stakes in approximately 19 companies, including Tata Communications, Titan Company, Bilcare, Va Tech Wabagh, Federal Bank, Aptech.
Born on 5 July 1960, Rakesh Jhunjhunwala grew up in a Rajasthani family in Bombay, where his father worked as an income tax commissioner. He graduated from Sydenham College and then enrolled in the Institute of Chartered Accountants of India. Rakesh Jhunjhunwala entered the stock market with just Rs 5,000 in 1985. At that time, Sensex was at 150 points. Prime Minister Narendra Modi expressed his sadness at the passing of Jhunjhunwala. He tweeted: “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves an indelible contribution to the financial world.
He was also very passionate about India’s progress. His passing is sad. My condolences to his family and admirers. Om Shanti.”
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