Veteran stock market investor Rakesh Jhunjhunwala has passed away at the age of 62 in Mumbai. Jhunjhunwala, over the years, invested in many well-known and established companies, and also in upcoming startups.
Often referred to as India's Warren Buffett, and the Big Bull of Indian markets, Jhunjhunwala's net worth was $5.8 billion, as of August 2022. He invested via his firm Rare Enterprises. Low-cost carrier Akasa Air, which is backed by Rakesh Jhunjhunwala, was inaugurated on August 7.
Jhunjhunwala was India's 36th richest person in 2021 and 438th richest man in the world, so far in 2022, according to Forbes.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. Overall, he had stake in 47 companies at the end of June quarter. Also read: Who is Rakesh Jhunjhunwala? He has holding in around 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 Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at 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 grief 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 India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti."
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