BIG BULL: Rakesh Jhunjhunwala was the big bull of the Bombay Stock Market. Everybody was afraid of him because he held huge amounts of stocks in various companies.
By Livemint Staff
Rakesh Jhunjhunwala had an uncanny talent for identifying stocks which would shoot up to the ceiling. An example is the Titans stock which he bought at Rs 3 which is now valued at Rs 2,457 in 20 years. Rakesh believed in holding on to the stock instead of selling it then it started going down.
Veteran stock market investor Rakesh Jhunjhunwala passed away in Mumbai this morning. He was 62. He was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai, news agency ANI reported. He is survived by his wife and three children. Son of an income tax officer, Jhunjhunwala started his journey in stock markets while still in college with a capital of just ₹5,000 and when Sensex was at ₹150. Known as “India’s Warren Buffett”, Jhunjhunwala wealth was pegged over ₹40,000 crore, according to Forbes.
“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter. “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.”
A chartered accountant by education, Jhunjhunwala was always bullish about India’s stock market and some of his picks turned into multibaggers. He ran a privately-owned stock trading firm called RARE Enterprises, which derived its name from the first two initials of his name and his wife Rekha. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.
He also backed India’s newest airline Akasa Air which took off in Indian skies earlier this month. A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, “I say I’m prepared for failure.”
Akasa Air began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
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. Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay. He graduated from Sydenham College. He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at ₹43 and the stock rose to ₹143 within three months. In three years, he earned ₹20-25 lakh. Condoling his death, business leader Gautam Adani said: “Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him.”
Courtesy : Livemint