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Rakesh Jhunjhunwala dies LIVE Updates: Veteran stock market investor Rakesh Jhunjhunwala passed away on Sunday morning here. He was 62 years old and suffered from kidney disease. According to sources, he was undergoing dialysis regularly as both his kidneys had failed. He was taken to Candy Breach Hospital at 6:45 and pronounced dead.
Both a businessman and a chartered accountant, and one of the country’s richest men, he was last seen in public at the launch of Akasa Air.
Jhunjhunwala was also Chairman of Hungama Media and Aptech as well as Director of Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
When Jhunjhunwala was in college, he started dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduation, decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 crore in equity in 1985. This equity had grown to Rs 11,000 crore as of September 2018.
After hearing his father talk about the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers regularly because the news was what caused the stock market to fluctuate. Although his father allowed him to dabble in the stock market, he refused to provide financial assistance and forbade him to ask friends for money, according to reports.
But Jhunjhunwala took risks early on. He borrowed money from his brother’s clients with the promise of paying them back with higher returns than bank fixed deposits.
In 1986, he made his first significant profit when he bought 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.
Over the years, Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma and NCC.
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