Rakesh Jhunjhunwala: The 'Big Bull', Akasa Air co-founder | 5 things to know
Often referred to as 'India's Warren Buffett' and the Big Bull of Indian markets, Jhunjhunwala's net worth was USD 5.8 billion, according to Forbes.
Billionaire investor Rakesh Jhunjhunwala breathed his last today at the Breach Candy Hospital in Mumbai. He was 62.
Prime Minister Narendra Modi led the tributes for the ace investor, often touted as India's own Warren Buffet, calling him "indomitable and insightful". Extending condolences to his family, Modi said that Jhunjhunwala leaves behind an "indelible contribution to the financial world."
“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,” he tweeted.
5 things to know about Rakesh Jhunjhunwala:
- Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Mumbai where his father worked as a commissioner of Income Tax. He graduated from Sydenham College and got enrolled at the Institute of Chartered Accountants of India.
- When he first entered the stock market, the Sensex was at 150 points. At the end of this year's June quarter, Jhunjhunwala had a stake in 47 companies, including Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Comp, among others.
- He ran a privately-owned stock trading firm called RARE Enterprises and recently founded India's newest airline Akasa Air which started its commercial operation earlier this month.
- Rakesh Jhunjhunwala forayed into the aviation industry at a time it has suffered significant losses due to the ongoing coronavirus disease (Covid-19) pandemic. When asked about why he planned to start an airline at such a time, Jhunjhunwala, who was always bullish about India's stock market, said he was “prepared for failure.”
- He was married to Rekha Jhunjunwala, who is also a stock market investor.
(With inputs from agencies)