- India has lost one of the towering personalities that truly defined the brilliance and possibilities of Indian Capital Market.
- He was a dreamer and a visionary in true sense
- His stories will continue to inspire millions and millions of youth in times to come
As India celebrates its 75th year of Independence, Wizard of Indian Capital Market, Rakesh Jhunjhunwala passes away. India’s Big Bull, Rakesh Jhunjhunwala breathed his last today at Breach Candy Hospital in Mumbai. He was 62. Rakesh Jhunjhunwala was born on July 5, 1960 ruled the Indian stock market for decades. He came from a humble background and become one of the most acknowledged Indian investors in decades. He deeply believed in Indian economy and his bets and style of investing in Indian Economy, reciprocated and reinforced his belief in Indian Capital Market.
He was known by many names e.g. Warren Buffett of India, Big Bull, Rakesh Bhaiya etc . He was passionate about Indias growth story and potential and talked about it all the forums. He was a firm believer that India will become of the largest economy in future and strongly supported the enabling environment to attract Capital. When required, he would mince words in highlighting areas and reforms which requires attention from the Government. He had disliking for economists, when it comes to pessimism.
He was chartered accountant by profession and became interested in Stock Markets during his college days. His founded stock trading firm, RARE Enterprises. His net worth crossed $4 billion. Jhunjhunwala became interested in stock markets after observing his father discussing them with his friends. While his father advised him on the markets, he never gave him money to invest and prohibited him from borrowing money from friends.
Rakesh Jhunjhunwala’s first big profit was Rs 5 lakh in 1986. He made nearly 20-25 lakh profit between 1986 and 1989. He began his journey in 1985 with Rs 5,000 in capital, which is now worth billions.
In a span of four decades, He build his fortune by investing in key companies like Titan, Canara Bank, Indian Hotels Company Star Health, Rallis India, Escorts, , Agro Tech Foods, Nazara Technologies and Tata Motors.
Jhunjhunwala purchased 6 of the 12 units of Ridgeway apartments in Malabar Hill from Standard Chartered bank in 2013 for Rs 176 crore. Later he paid Rs 195 crore to HSBC bank for the remaining six apartments in the building. After demolishing the old structure, he began construction on his new 70,000 square foot 13-story home in 2021.
Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey co-founded Akasa Air, an Indian airline. He was a member of India’s International Movement to Unite Nations (I.I.M.U.N.). in capacity of Board of Advisors.
India has lost one of the towering personalities that truly defined the brilliance and possibilities of Indian Capital Market. He was a dreamer and a visionary in true sense. His stories will continue to inspire millions and millions of youth in times to come.
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