Indian Billionaire Rakesh Jhunjhunwala known as 'India's Warren Buffet
Ace stock market investor & Indian billionaire Rakesh Jhunjhunwala known as 'India's Warren Buffet died early on Sunday at a Mumbai hospital a week after India's newest airline Akasa Air, backed by him, began commercial operations. Following Rakesh Jhunjhunwala's tragic passing, condolences to the legendary investor have begun to pour in from Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and billionaire Gautam Adani, among others. He had kidney issues and was 62 years old.
The renowned investor was born on July 5, 1960, in the Jhunjhunu area of Rajasthan. He attended Sydenham College in Mumbai before enrolling at the Institute of Chartered Accountants of India (CA). After graduating from Sydenham College in 1985, he wed Rekha Jhunjunwala, a stock market investor, and joined the Institute of Chartered Accountants of India. Hearing his father talk with his friends about the stock market piqued his interest in stock investments. Any person must make a difficult decision when deciding whether to pursue a full-time job in the stock market, but it was exceptionally challenging 30–40 years ago. In the 1990s, the market also fell victim to its largest fraud. Rakesh Jhunjhunwala, a chartered accountant, picked Dalal Street as his financial path after becoming such a person, nonetheless.
He had kidney issues and was 62 years old. In 1986, when the Sensex reached 150 points, Jhunjhunwala made his first significant profit of Rs 5 lakh. At Rs. 43, he purchased 5,000 shares of Tata Tea, and after three months, the price increased to Rs. 143. He was able to generate around Rs 20–25 lakh from the stock market during the following three years, earning him the nickname "an investor with the Midas touch." Jhunjhunwala, who is now known as the "Big Bull of India" and the "King of Bull Market," also bought shares in several multi-bagger companies. For instance, he purchased Titan's shares in 2002-2003 for an average cost of Rs 3, even though they are currently trading at Rs 2,471.95 per on the BSE. His largest investment to date, totaling more than Rs 7,000 crore, was made in this Tata enterprise. Investors began to follow him as a guy in the nation and grew bullish in the same areas. His current net worth, as reported by Forbes, is $4.6 billion, or roughly Rs 34,000 crore. His holdings were valued Rs 19,277 crore as of 2021, according to Trendlyne. Jhunjhunwala has always been creative and hasn't been afraid to take chances. Jhunjhunwala began a lucrative career in the stock market before branching out into the airline industry with his ultra-low-cost airline Akasa Air.
Jhunjhunwala served as the chairman of Hungama Digital Media Entertainment Pvt. Ltd. and Aptech Ltd. in addition to being an investor. He served as a consultant to the International Movement to the United Nations of India. Jhunjhunwala was the proprietor of the privately held stock trading firm RARE Enterprises. His philanthropic interests span a range of fields, such as healthcare, nutrition, and education. In 2020, he contributed 25 percent of his fortune to charity. He supports organisations including St Jude, which operates shelters for kids with cancer, Agastya International Foundation, and Arpan, which works to educate kids against sexual exploitation. Additionally, Rakesh Jhunjhunwala collaborated with the Sankara Eye Foundation to build the Rakesh Jhunjhunwala Sankara Eye Hospital in Panvel, Maharashtra, which has 225 beds. The hospital offers patients free eye exams and procedures.
Rakesh Jhunjhunwala, sometimes known as RJ or Big Bull, was in a league of his own. We have not known any other individual even remotely like him. He has many attributes, including a razor-sharp memory, intelligence, and the capacity to modify even deeply held beliefs—sometimes completely—while maintaining clarity of thought. He is also always helpful to those who need assistance. His ability to separate his long-term investments from the rest was one characteristic that stuck out in him. Even in a very competitive market and business climate, he stayed steady with his long-term investments while remaining very adaptable with the rest. Others that stick out for him include being a very excellent judge of people and a fervent optimist for India. India has lost a true nationalist, and the stock markets have lost a participant par excellence unmatched by anybody else. Our heartfelt condolences to all his near and dear ones- may God give them strength and may his soul rest in peace. His memories will be etched forever in the memories of all those who met him and the vacuum he leaves behind will take a very long time to be filled.