Mumbai: Billionaire investor Rakesh Jhunjhunwala passes away at 62 in Mumbai . He was 62. Known as India’s Warren Buffett, Jhunjhunwala wealth was pegged at 5.8 billion dollars. Jhunjhunwala started his journey in stock markets while still in college with a capital of just 5,000 rupees.
Prime Minister Narendra Modi has expressed sadness on the passing away of business magnate, stock trader and investor Rakesh Jhunjhunwala. Prime Minister said, full of life, witty and insightful, Rakesh Jhunjhunwala leaves behind an indelible contribution to the financial world.
#AkasaAir – India’s newest budget carrier – was one of the business ventures of Rakesh Jhunjhunwala. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.
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.
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.
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.
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.