Veteran stock market investor Rakesh Jhunjhunwala passed away this morning in Mumbai. He was 62 years old. He was not keeping well for the past few days and breathed his last today at Breach Candy Hospital in Mumbai, news agency ANI reported. He is survived by his wife and three children. The son of an income tax officer, Jhunjhunwala started his journey into the 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’s wealth was linked. ₹40 billion, 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 world of finance. He was also very passionate about India’s progress. His passing is sad. My condolences to his family and admirers.”
Jhunjhunwala, a chartered accountant by training, was always bullish on the Indian stock market and some of his picks turned out to be multi-baggers. He ran a privately owned stock trading company called RARE Enterprises, which derived its name from the first two initials of his name and that of his wife Rekha. Titan, Star Health, Tata Motors and Metro Brands were some of its biggest holdings.
It also supported India’s newest airline, Akasa Air, which took off in Indian skies earlier this month. Many people asked why he planned to start an airline when aviation was not doing well, and he replied, “I say I’m ready to fail.”
Akasa Air began commercial operations this month with an inaugural flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with former Jet Airways CEO Dube and former IndiGo chief 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 the progress of India. His disappearance is sad. My condolences to his family and fans. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Mumbai. He graduated from Sydenham College. He made his first big profit in 1986 when he bought 5,000 shares of Tata Tea a ₹43 and the stock rose to ₹143 within three months. In three years, he won ₹20-25 thousand
Condoling his death, business leader Gautam Adani said, “Extremely saddened by the untimely demise of the most legendary investor India has ever 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.”
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