In a piece of saddening news on Sunday, ace stock trader and investor, Rakesh Jhunjhunwala, passed away at the age of 62 in Mumbai.
According to reports, the veteran stock market investor was unwell for the past few days and breathed his last on Sunday in Breach Candy Hospital in Mumbai. Referred to as “India’s Warren Buffett,” he had an estimated net worth of $5.5 Billion as of July 2022, making him the 36th richest man in India.
Born to an Income Tax Commissioner in a Rajasthani family in Mumbai in 1960, Jhunjhunwala completed his graduation from Sydenham College of Economics and later enrolled at the Institute of Chartered Accountants of India. He started his stock market journey during his college days only, with an investment of ₹5,000.
He did his business with his privately-owned stock trading firm known as RARE Enterprises, which derived its name from the first two initials of his name and his wife’s, Rekha. Renowned for his bullish take on the Indian stock market, Jhunjhunwala’s voice was a guiding light to many investors in the country as some of his picks turned into multi-baggers. His portfolio included companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, and Tata Motors.
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.
— Amit Shah (@AmitShah) August 14, 2022
He was an ardent investor in gaming firms as well and had holdings in diversified gaming and sports media platform Nazara Technologies. Additionally, he also had a stake in Indian gaming and hospitality corporation Delta Corp and had holdings of around 1.2 percent or 3.25 million shares. Earlier this year, Rakesh Jhunjhunwala featured in G2G’s list of 22 persons who may create a longstanding impact on the Real money games (RMG) industry in 2022
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
— Narendra Modi (@narendramodi) August 14, 2022
He recently backed India’s newest airline Akasa Air in a time when aviation was not doing well, stating, “I say I’m prepared for failure.” Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Low-cost carrier Akasa Air, which was inaugurated on August 7. He is survived by his wife and three children.
Prime Minister Narendra Modi was saddened by his passing and 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.”