Rakesh Jhunjhunwala (62), India’s self-styled big bull of the stock markets, passed away on Sunday morning. Jhunjhunwala had an estimated net worth of $5.5 billion, making him the 36th richest man in India, according to Forbes.
Born on July 5, 1960, Jhunjhunwala was the son of an income tax officer and hailed from the district of Jhunjhunu in Rajasthan. He graduated with a B.Com degree from Sydenham College (University of Mumbai) and thereafter enrolled at the Institute of Chartered Accountants of India.
Jhunjhunwala begun investing with $100 in 1985 when the BSE benchmark index Sensex was trading just at 150. He ran a privately-owned stock trading firm called RARE Enterprises.
Some of his biggest investments were Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc. Besides, he loved to dabble in derivatives, currency and gold. Recently, he had invested £26 million in the new budget airline company Akasha Airlines.
Jhunjhunwala had also shown interest in film production and his philanthropic portfolio included nutrition and education. He had pledged to give away 25 per cent of his wealth to charity. His most valuable listed holding was watch and jewellery maker Titan, part of the Tata conglomerate. After the Covid-19 lockdown ended, when Jhunjhunwala met Prime Minister Narendra Modi, he was wheelchair-bound.
He was always willing to talk passionately about how India's economy and financial markets would soon join the ranks of global superpowers. His family found him unconscious early Sunday morning and rushed him to Breach Candy hospital where he was pronounced dead.
Tributes poured in. Calling him ‘indomitable’, PM Narendra Modi said he was full of life, witty and insightful. “He leaves behind an indelible contribution to the financial world. He was also very passionate about India’sprogress. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” the PM tweeted.
