End of an era: ‘Big Bull’ Rakesh Jhunjhunwala dies aged 62

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Veteran stock market investor Rakesh Jhunjhunwala has died aged 62 in Mumbai. Jhunjhunwala, over the years, has invested in many well-known and established companies, as well as upcoming startups.

Often referred to as Indian Warren Buffett and the Big Bull of Indian markets, Jhunjhunwala’s net worth was $5.8 billion as of August 2022. He invested individually and through his company Rare Enterprises. The low-cost carrier Akasa Air, backed by Rakesh Jhunjhunwala, was inaugurated on August 7.

Jhunjhunwala was India’s 36th richest person in 2021 and the world’s 438th richest man so far in 2022, according to Forbes.

Its portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. Overall, he held shares in 47 companies at the end of the June quarter. Also read: Who is He holds stakes in about 19 companies, including Tata Communications, Titan Company, Bilcare, Va Tech Wabagh, Federal Bank, Aptech.

Born on July 5, 1960, Rakesh Jhunjhunwala grew up in a family in Rajasthan, Bombay, where his father worked as an income tax commissioner. He graduated from Sydenham College and later enrolled in the Institute of Chartered Accountants of India. Rakesh Jhunjhunwala went public with just Rs 5,000 in 1985. At that time, Sensex was at 150 points. Prime Minister Narendra Modi has expressed his sorrow over Jhunjhunwala’s passing. He tweeted: “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 the progress of India. His passing is saddening. My condolences to his family and admirers, Om Shanti.

Home Minister Amit Shah tweeted: “Anxiety to learn of the passing of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market has inspired countless investors. He will always be remembered for his optimistic outlook. My deepest condolences to his family. Om Shanti Shanti.”

Tributes poured in from all corners as Defense Minister Rajnath Singh expressed his grief. He tweeted: “Shocked by the sudden passing away of veteran investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a investment culture in Indian stock markets. Condolences to his family and many admirers.”

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