Billionaire Investor Rakesh Jhunjhunwala Passes Away At Age 62

In a major loss to the business world, billionaire business magnate and veteran investor Rakesh Jhunjhunwala breathed his last on Sunday morning. Jhunjhunwala, famously referred to as the “Big Bull of Dalal street” and “King of Bull Market” died at the age of 62.

As per reports, Jhunjhunwala had been on a wheelchair for a long time and suffered from multiple health issues. He was brought to Mumbai ‘s Breach Candy hospital at 6:45 am, where the doctors declared him dead.

Born on July 5, 1960, Jhunjhunwala grew up in a Rajasthani family, in Mumbai, where his father worked as an Income Tax Commissioner. He graduated from Sydenham College and thereafter enrolled at the  Chartered Accountants’ Institute of India.

Jhunjhunwala had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th wealthist man in India.

In addition to being an active stock market investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. He was also on the board of directors of Prime Focus Ltd, Geojit Financial Services, Bilcare Ltd, Praj Industries Ltd, Provogue India Ltd, Concord Biotech Ltd, Innovasynth Technologies Ltd, Mid Day Multimedia Ltd, Nagarjuna Construction Company Ltd, Viceroy Hotels Ltd, and Tops Security Ltd.

Rakesh Jhunjhunwala recently co-founded Indian airline Akasa Air which took its first flight from Mumbai to Ahmedabad on August 7. Akasa Air currently has 2 aircraft, with an additional order for 70 more aircraft, and flies to 3 cities as of August 9, 2022.

Here are the top 10 updates on Rakesh jhunjhunwala

1. Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities. He was 62.
2. Jhunjhunwala was discharged from the same hospital a few weeks ago after being treated for kidney-related issues. He will be cremated this evening at Banganga crematorium in Mumbai. 
3. The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion. He was the 36th richest billionaire in India, according to Forbes’ 2021 listing.
4. He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air – which took to the skies last week. He was seen on a wheelchair at the launch of Akasa Air.
5. In a statement, Akasa Air condoled Rakesh Jhunjhunwala’s death and said that he cared greatly for the well-being of its employees and customers. “Akasa Air will honour his legacy, values and belief in us by striving to run a great airline,” the statement said. 
6. Rakesh Jhunjhunwala, often dubbed as “India’s Warren Buffett”, was always bullish about the country’s stock market.
7. Overall, Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings. He was also the chairman of Hungama Media and Aptech.
8. His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also an investor.
9. Rakesh Jhunjhunwala was born on July 5, 1960. His father worked as an Income Tax officer in Mumbai. A chartered accountant by qualification, Jhunjhunwala began investing with ₹ 5,000 in 1985 when the Bombay Stock Exchange’s benchmark index Sensex was at 150; it now trades at over 59,000.
10. Prime Minister Narendra Modi condoled his death and said the legendary investor “leaves behind an indelible contribution to the financial world.” Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.

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