End of an Era: The 'Big Bull' Rakesh Jhunjhunwala passes away at 62
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 in his individual capacity, and 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.
Earlier in July 2021, Jhunjhunwala, his wife Rekha Jhunjhunwala, and eight others settled a case pertaining to alleged insider trading in shares of Aptech by agreeing to pay more than Rs 37 crore. This is the combined amount paid by ten individuals and includes settlement charges, disgorgement of ill-gotten gains and interest charges. The case was settled under the so-called consent route, where an alleged wrongdoer can close a pending matter with market regulator Securities and Exchange Board of India (Sebi) without admitting or denying the charges leveled against them.
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. Overall, he had stake in 47 companies at the end of June quarter. 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."
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.— Narendra Modi (@narendramodi) August 14, 2022
Tributes poured in from all corner as Defence Minister Rajnath Singh expressed his grief. He tweeted, "Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers."
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
Motilal Oswal, MD & CEO, Motilal Oswal group, said, "We started our career together in the mid-80s. We used to meet quite often when we started. I have too many fond memories of him, right from trading hall days till now. He had a deep understanding of markets based on the fundamentals of the company. His style of communication was frank".
Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.— Rajnath Singh (@rajnathsingh) August 14, 2022
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