Rakesh Jhunjhunwala developed a childhood fascination for stocks by watching his father, a retired tax commissioner, juggle market investments
New Delhi: Billionaire and veteran stock investor Rakesh Jhunjhunwala passed away on Sunday morning. He was 62. He is survived by his wife and three children.
According to reports, Jhunjhunwala was not keeping well for the past few days.
Over the last two decades, Jhunjhunwala had invested in several Indian companies and had made a fortune.
Though most of us know about Jhunjhunwala, here are few lesser known facts about the one of the richest men in India:
Rakesh Jhunjhunwala passes away: Lesser known facts about ‘India’s Warren Buffet’
– Considered to be be one of the biggest risk-takers from the beginning, Jhunjhuwala is known as the ‘Big Bull’ of Dalal Street, the ‘King of Bull Market’
– His investment skills also earned him the name – “India’s Warren Buffet”
– Born in Rajasthan’s Jhunjhunu district on 5 July, 1960, Jhunjhunwala graduated from Sydenham College in Mumbai and later enrolled at the Institute of Chartered Accountants of India (CA)
– Jhunjhunwala gained interest in investment in equity market after hearing his father discuss about it with his friends. He had earlier said: “My father gave me my morals, my thoughts, my guts, encouragement, curiosity”
– Radheshyam Jhunjhunwala, father of Rakesh Jhunjhunwala allowed his son to dabble in the stock market but refused to offer money
– In an interview with Bloomberg News in 2005, Jhunjhunwala had said that he developed a childhood fascination for stocks by watching his father, a retired tax commissioner, juggle market investments
– To foray into stock market, Jhunjhunwala borrowed money from his brother’s clients with a promise of higher returns
– When he entered the India’s stock market, the Sensex was at 150 points and today its near 60,000 points
– In 1985, when Jhunjhunwala was in college, he invested Rs 5,000 as capital in equity market and by September 2018, it had surged to Rs 11,000 crore
– Jhunjhunwala was always bullish about India’s stock market. Notably, whatever stocks he purchased mostly turned into a multi-bagger and therefore, there is no denying in terming him an investor with Midas touch. Also, he was the 48th richest man in the country
– He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 in mere three months. In three years, Jhunjhunwala minted Rs 20-25 lakh
– According to Forbes, Jhunjhunwala’s net worth was USD 5.8 billion (about Rs 46,000 crore). He was also included on the Forbes 2022 list
– Rakesh Jhunjhunwala’s wife Rekha Jhunjunwala is also a stock market investor
– Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. The enterprises derives its name from the first two letters of his name and that of his wife Rekha
– Rakesh Jhunjhunwala’s portfolio includes companies – Star Health, Titan, Rallis India, Escorts, Canara Bank and Tata Motors
– By the end of the June quarter, he had stake in 47 companies
– Jhunjhunwala recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air – India’s newest low-cost carrier. The airline began commercial operations on 7 August with a maiden flight from Mumbai to Ahmedabad
– Jhunjhunwala had a 40 per cent stake in Akasa Air
– Not many know about Jhunjhunwala’s love for movies. He has produced three Bollywood movies — English Vinglish, Shamitabh, and Ki & Ka
– Jhunjhunwala also started Hungama Digital Media with four other partners in 1999. It was later renamed Hungama Digital Media Entertainment Pvt. Ltd
According to New18 sources, Rakesh Jhunjhunwala was brought to the Candy Breach Hospital at 6:45 am and was declared dead. He was suffering from multiple health issues including kidney ailments and had been discharged from the hospital a few weeks ago.
With inputs from agencies