Rakesh Jhunjhunwala investment journey and net worth before he passed away on 14 August at the age of 62. An Billionaire investor Rakesh Jhunjhunwala, also know as “India’s Warren Buffett” dies at the age of 62 on 14th August 2022.
Popularly known as 'Big Bull of India' and the 'King of Bull Market' Rakesh Jhunjhunwala passed away on Sunday (August 14) at the age of 62.
|Rakesh Jhunjhunwala Investment Journey|
Rakesh Jhunjhunwala was known as “India’s Warren Buffet." According to the information given by the sources, the Rakesh Jhunjhunwala dies at Candy Breach Hospital at 6:45 AM in the morning doctors declared him dead.
Honorable Indian PM Narendra Modi 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 India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti,"
Who Was Rakesh Jhunjhunwala?
Rakesh Jhunjhunwala was a trader and a chartered accountant, and one of the richest men of India, he was last seen in public at Akasa Air’s launch. Apart from that, he was also the chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Local media reported that Jhunjhunwala was in poor health and had appeared in a wheelchair at a launch event for Akasa Air last Sunday.
Rakesh Jhunjhunwala Net Worth at the Time of His Death
Rakesh Jhunjhunwala's estimated net worth is $5.8 billion at the time of his death, according to Forbes, which called Jhunjhunwala an “investor with a Midas touch.” His latest venture, a low-cost airline called Akasa Air, began operating in India last week.
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How Rakesh Jhunjhunwala Started Investment Journey
Born on July 5, 1960, Rakesh belonged to a middle-class family. Jhunjhunwala belonged from Rajasthan and completed his graduation from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India. His father worked as a Commissioner of Income Tax.
When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.
After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.
But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.
His father was a commissioner for the Indian government’s income tax department and gave Jhunjhunwala advice on investing, according to the Financial Express. Jhunjhunwala invested just $100 in the stock market as a 25-year-old student, according to Forbes — and eventually grew that into a multibillion-dollar portfolio.
Rakesh Jhunjhunwala' Biggest Investment and Profit
In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.
Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.
Rakesh Jhunjhunwala was among one the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
Rakesh Jhunjhunwala as Co-founder of Akasa Air
Akasa Air is an Indian airline, and was Co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey.
Currently, the airline consists of 2 aircraft with an additional order for 70 more aircraft. As of 9th August 2022, the aircraft flies to 3 cities.