Rakesh Jhunjhunwala: Veteran stock market investor Rakesh Jhunjhunwala passed away this morning at a hospital in Mumbai. He was also the co-founder of India’s latest airline Akasa Air, which started commercial operations last week.
Rakesh Jhunjhunwala was rushed to Breach Candy Hospital in Mumbai at around 6.45 am after suffering a heart attack. The hospital administration declared him brought dead on arrival. He was 62 years old.
Jhunjhunwala was suffering from several health issues and was discharged from the same hospital a few weeks back after being treated for kidney-related problems.
According to Forbes, the veteran trader-cum-investor known as the Big Bull of Dalal Street had a net worth of around $5.8 billion. He was the 36th richest billionaire in India.
He recently collaborated with former Jet Airways CEO Vinay Dubey and former IndiGo chief Aditya Ghosh to launch Akasa Air – which hit the skies last week. He was seen in a wheelchair at the launch of Akasa Air.
Rakesh Jhunjhunwala also known as the “Warren Buffett of India” was mostly optimistic about the country’s stock market. He forayed into the aviation industry at a time when it had suffered huge losses due to the COVID-19 pandemic. When asked, he said, “Many people question why I started an airline. It’s better not to try than to try and fail.”
Altogether Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro brands were some of his biggest holdings. He was also the chairman of Hungama Media and Aptech.
His privately owned stock trading firm Rare Enterprises takes its name from the first two letters of his name and that of his wife Rekha, who is also an investor.
Rakesh Jhunjhunwala was born on 5 July 1960. His father worked as an income tax officer in Mumbai. He graduated from Sydenham College and then joined the Institute of Chartered Accountants of India.
Jhunjhunwala started investing with ₹5,000 in 1985 when the Sensex, the benchmark index of the Bombay Stock Exchange, stood at 150; It is now trading at over 59,000.
Prime Minister Narendra Modi condoled his demise and said the veteran investor has “left an indelible contribution to the financial world.” Union Civil Aviation Minister Jyotiraditya Scindia said he will be remembered for giving India his new airline Akasa Air after more than a decade.