An Era Ends: India’s Richest Investor, Rakesh Jhunjhunwala Expires At 62 years
This is news that has sent shockwaves across India, and the global financial world. India’s richest self-made investor, business magnate, and business legend Rakesh Jhunjhunwala has expired.
He was 62 years.
Just a week back, he had launched his own private airline: Akasa, which had given a new ray of hope to the civil aviation industry.
Condoling his death, PM Modi said, “His passing away is saddening. 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.”
Known as India’s Warren Buffet, Rakesh Jhunjhunwala entered India’s stock market when he was still in college, with a capital of Rs 5000, when the Sensex was at 150 points.
As per Forbes, Rakesh Jhunjhunwala had a net worth of Rs 40,000 crore today.
Who Was Rakesh Jhunjhunwala?
Born on July 5th, 1960 in a Rajasthani family, he was grew up in Mumbai, and graduated from Sydenham College.
His first major success came in when he bought 5000 shares of Tata at Rs 43 in 1985, which surged to 143 in three months. In the three years, he booked profits of Rs 20-25 lakh.
He was a chartered accountant by profession and known as the Big Bull in the stock market and stick investor’s community. Often, the stocks he picked became multibaggers, such as Titan, Star Health, Tata Motors and Metro Brands.
His company was named RARE Enterprises, which is the combination of 1st two letters of his and his wife Rekha’s name.
He teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to launch Akasa Airlines on August 7th, and he was very optimistic about its mega success.
Due to his investment skills, he was called India’s Warren Buffet. With a total network of Rs 46,000 crore, he was India’s 36th richest billionaire.
His death has indeed caused an irreversible void in the Indian business and investment ecosystem.
RIP Rakesh Jhunjhunwala.. You will be remembered for ever.