Rakesh Jhunjhunwala Entered Stock Market With Just Rs 5,000 And Ended Up Earning Rs 40,000 Crore
According to sources, the investor was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead. He was suffering from multiple health issues including kidney ailments.
Billionaire investor Rakesh Jhunjhunwala passed away early on Sunday morning because of kidney ailments, as per reports.
The 62-year-old business magnate is worth $5 billion. The investor with a Midas touch had been dubbed ¡°India¡¯s Warren Buffet" is survived by his wife, two sons and a daughter.
According to sources, the investor was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead. He was suffering from multiple health issues including kidney ailments and had been discharged from the hospital a few weeks ago, they said.
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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.
His journey
Son of an income tax officer, Jhunjhunwala started his journey in stock markets while still in college with a capital of just ?5,000 and when Sensex was at ?150. Jhunjhunwala wealth was pegged over ?40,000 crore, according to Forbes.
A chartered accountant by education, Jhunjhunwala was always bullish about India's stock market and some of his picks turned into multibaggers. He ran a privately-owned stock trading firm called RARE Enterprises, which derived its name from the first two initials of his name and his wife Rekha. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.
His latest venture
He also backed India's newest airline Akasa Air which took off in Indian skies earlier this month. A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."
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Akasa Air began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Tributes pured on Twitter
"Rakesh Jhunjhunwala was indomitable," Prime Minister Narendra Modi wrote on Twitter.
"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. His passing away is saddening. My condolences to his family and admirers."
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 India¡¯s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
¡ª Narendra Modi (@narendramodi) August 14, 2022
"Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family," Home Minister Amit Shah wrote on Twitter.
Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.
¡ª Amit Shah (@AmitShah) August 14, 2022
Condoling his death, business leader Gautam Adani said: ¡°Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him."
Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIP? pic.twitter.com/XrOBM3t0nG
¡ª Gautam Adani (@gautam_adani) August 14, 2022
His early life
Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay. He graduated from Sydenham College. He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at ?43 and the stock rose to ?143 within three months. In three years, he earned ?20-25 lakh.
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