Veteran stock market tycoon Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai. Jhunjhunwala, over the years, has invested in many well-known and established companies as well as upcoming startups.
Often referred to as India’s Warren Buffett and the Big Bull of Indian markets, Jhunjuhunwala’s net worth was $5.8 billion, as of 2015. August 2022. He invested in his individual capacity and through his firm Rare Enterprises. Low-cost carrier Akasa Air, backed by Rakesh Jhunjhunwala, was inaugurated on August 7.
Jhunjhunwala He was the 36th richest person in India in 2021 and the 438th richest person in the world, as of 2022, according to Forbes.
In the year In early July 2021, Jhunjhunwala, his wife Rekha Jhunjhunwala and eight others agreed to pay more than Rs 37 crore to settle charges related to insider trading in Aptech shares. This is the combined amount paid by the ten individuals and includes settlement fees, ill-gotten gains and interest payments. The case is settled through a so-called settlement process, where the accused can close the case with the Securities and Exchange Board of India (SEBI) without admitting or denying the allegations.
Also read: Who is Rakesh Jhunjhunwala? His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. In total, it had stakes in 47 companies at the end of the June quarter. He has holdings in 19 companies including Tata Communications, Titan Company, Bilcare, Va Tech Wabag, Federal Bank, Aptech.
Born on July 5, 1960, Rakesh Jhunjhunwala grew up in a Rajasthani family in Bombay, where his father worked as an Income Tax Commissioner. He graduated from Sydenham College and then registered with 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 Jhunjuhunwala’s death. He tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, smart and insightful, he left an unforgettable contribution to the world of finance. Om Shanti.”
Rakesh Jhunjhunwala was indomitable. Full of life, intelligent and insightful, he leaves behind an indelible contribution to the world of finance. He was also passionate about India’s development. It’s sad that he died. My condolences to his family and fans. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Condoling the demise of Big Bull, IIFL Group founder Nirmal Jain said, “He understood the markets better than anyone else, took risks and contributed immensely to the capital markets. Outspoken in nature, he speaks from the heart. Anytime you meet him, you find him to be a man full of life.
When he shared, he shared hard. He radiated positivity and cared deeply for everyone he knew. His advice was sincere and he was eager to help. In short, a man with a heart of gold.” Home Minister Amit Shah tweeted: “Deeply saddened to learn of the demise of Rakesh Jhunjhunwala ji. His vast experience and understanding of the stock market inspired countless investors. He will always be remembered for his brilliant outlook. My deepest condolences to his family. Om Shanti Shanti.”
Devastated to know about Rakesh Jhunjhunwala Ji’s demise. His extensive experience and understanding of the stock market has inspired countless investors. He will always be remembered for his bullish attitude. Deepest condolences to his family. Om Shanti Shanti.
— Amit Shah (@AmitShah) August 14, 2022
Tributes poured in from all quarters as Defense Minister Rajnath Singh expressed his condolences. He tweeted: “Shocked by the sudden demise of investor Shri Rakesh Jhunjhunwala. He is remembered for his contributions to business and industry: he was a pioneer in creating a culture of investing in Indian stock markets. A lot of fans.”
Shocked by the sudden death of Shri Rakesh Jhunjhunwala the investor. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in the Indian stock markets. Condolences to his family and many fans.
— Rajnath Singh (@rajnathsingh) August 14, 2022
Motilal Oswal, MD & CEO, Motilal Oswal Group, said, “We started our business in the mid-80s. When we started, we used to meet each other a lot. I have so many fond memories of him, right from the hall trading days to the mid-80s. Now. At the core of the company. He had a deep understanding of the markets based on things. His communication style was clear.