Rakesh Jhunjhunwala, a veteran stock investor and millionaire businessman, passed suddenly on Sunday night at the age of 62. His death was reported on 14 August 2022 at Breach Candy Hospital in Mumbai, where he had been taken after experiencing declining health during the previous days.
Earlier this week, he launched Akasa Airlines. The news of Jhunjhunwala’s passing has startled everyone. Read this article to learn more about Rakesh Jhunjhunwala’s life, including his family, his career, and the circumstances surrounding his untimely demise.
- Kevin Federline Net Worth 2022: How Much Money Does He Make?
- James Hetfield Net Worth: How Much Is The Lead Singer Wealth?
Early Life And Family
Rakesh Jhunjhunwala was born in a Rajasthani family on July 5, 1960, in Mumbai. His father Radheshyamji Jhunjhunwala worked as an income tax official. Rakesh’s mother, Urmila Jhunjhunwala, was from a Rajasthani family and was born there. Then, he declared his intention to pursue a career in the stock market.
However, his father advised him to first earn a bachelor’s degree from a university. Rakesh Jhunjhunwala earned a degree in Chartered Accounting from Sydenham College in 1985, and while he was still a student, he began trading stocks. They have a daughter and two twin sons. He wed Rekha Jhunjhunwala on February 22, 1987.
After 17 years of marriage, Nishtha, Rakesh and Rekha’s daughter, was born on June 30, 2004. In 2009, twin boys Aryaman and Aryaveer were born. Rajesh Jhunjhunwala, Rakesh’s older brother, holds a chartered accounting designation.
In addition, Rakesh Jhunjhunwala has two sisters, but little is known about them. He had an extensive understanding of the stock market and was a certified accountant by trade.
Investor and Akasa air founder Rakesh Jhunjhunwala dies at 62.
With an estimated net worth of $5.8 billion, Jhunjhunwala was the 36th richest billionaire in India, according to Forbes. He was also known as “India’s Warren Buffett”. https://t.co/3vp5aWxvqb
— Scroll.in (@scroll_in) August 14, 2022
Death Of The Big Bull Of the Stock Market
The seasoned investor Rakesh Jhunjhunwala is no longer with us. This morning, he passed away at the Breach Candy Hospital in Mumbai. Rakesh Jhunjhunwala was known by a variety of labels, including “Dalal Street’s huge bull,” “market bull,” “big bull,” “market mogul,” and occasionally even “Warren Buffett of India.”
He received such prestigious references for a reason. He served as a success story on the stock market. He was dubbed a Midas touch stock market investor. Many investors who shared his aspirations of earning millions or billionaires through equity investments looked up to him as an idol.
But Jhunjhunwala had one, just as every success story has a recipe and a backstory. He used a mathematical method to identify his stocks, and the vast majority of them have performed well. Jhunjhunwala started investing when the Sensex was only at 150, with 5,000 in stocks.
Tata Tea was his first investment when he was a college student in 1986. According to Forbes, his net worth surged to more than $5.8 billion crore in real-time. When he was still a little child, his interest in stocks and trading increased.
He enjoyed listening to his father and the friends of his father talk about the stock market. He thought the stock market was highly fascinating because prices had fluctuated in the past and he had pondered why.
Rakesh Jhunjhunwala Net Worth And Career
In 1984, Jhunjhunwala decided to pursue a career in the stock market trading and investment after earning his Chartered Accountant degree. He started out investing in the stock market with merely 5,000 when the Sensex was at 150.
Tata Tea was his first investment, and it increased from 43 to a whopping 143 in just three months after he purchased it. He sold this stock and made enormous profits. His shares in Tata Tea generated gains of almost 25 lakh over the course of the following three years, which was also his first significant profit.
Rewinding to 2022, his main stock is a Titan Company supported by the Tata Group. As of August 12, 2022, according to Trendlyne data, Jhunjhunwala’s wealth in Titan was around Rs. 11,086.9 crores. His portfolio currently consists of 32 stocks, and as of this writing in August, Rakesh Jhunjhunwala net worth is close to 32,000 crores.
Jhunjhunwala has also invested in unlisted startups as well as other businesses and Bollywood films. In the aviation sector, he also launched Akasa Air, a new airline that just started running for profit. He was the asset manager of Rare Enterprises.
Rakesh Jhunjhunwala passed away today, and India Inc. and the markets are mourning his passing. Prime Minister Narendra Modi has also expressed his sympathies to the investor’s family. Premier Modi tweeted, “Rakesh Jhunjhunwala had unbreakable strength.
He made an immeasurable contribution to the financial world and was full of life, witty, and smart. Additionally, he had a strong love for India’s development. We are saddened by his departure. My sympathies go out to his family and supporters. Shanti Om.”