Share market big bull Rakesh Jhunjhunwala has passed away at the age of 62. He breathed his last at Breach Candy Hospital in Mumbai. He was discharged from the hospital 2-3 weeks ago. Veteran businessman Jhunjhunwala's death has been confirmed by Breach Candy Hospital. He was brought to the hospital today at 6:45 am.
Born :-
5 July 1960 ,Hyderabad, Telangana, India
Education :-
Chartered Accountant
Alma mater :-
Sydenham College of Commerce and Economics, Bombay
The Institute of Chartered Accountants of India
Occupation :- Investor
Spouse(s) :- Rekha Jhunjhunwala
Children :- 3
1.Nishtha Jhunjhunwala
2.Aryaman Jhunjhunwala
3.Aryavir Jhunjhunwala
Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was an Indian billionaire business magnate, stock trader and investor. He managed his own portfolio as a partner in his asset management firm, Rare Enterprises. Jhunjhunwala grew up in a Rajsthani family, in Bombay, where his father worked as a Commissioner of Income Tax. His surname indicates that his ancestors belonged to Jhunjhunu in Rajsthan. He graduated from Sydenham college and thereafter enrolled at the Institute of chartered Accountants of india.
He had an estimated net worth of $5.5 Billion (as of July 2022) making him the 36th richest man in India. In 2022, he founded Akasa Air, low-cost airline in India.
Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand Rakesh started investing early when in college. Beginning with ₹5,000 capital in 1985, today his investment has grown to ₹11,000 crores.
Besides being an active investor Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited. He was popularly referred to as the "Big Bull of India" and the "King of Bull Market", and was widely known for his stock market predictions and bullish outlooks.
The first big profit of Rakesh Jhunjhunwala was ₹5 lakh in 1986. Between 1986 and 1989, he earned almost ₹20-25 lakh profit.
As of 2021, his biggest investment was in Titan Company which is worth ₹7,294.8 crore.
He was a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).
Akasa Air is an Indian airline co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey. The airline currently has 2 aircraft with additional order for 70 more aircraft and flies to 3 cities as of 9th Aug 2022
In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for Rs 176 crore. Later in 2017 he bought the other 6 apartments in the building from HSBC bank for Rs 195 crore. In 2021 he commenced the construction of his new 70000 square feet 13 storey home after the demolition of the old building.
0 Comments