Veteran stock investor Rakesh Jhunjhunwala has passed away in Mumbai today. He is popularly referred to as ‘India’s Warren Buffet’. Known as a man with excellent wit and a Midas touch, Jhunjhunwala’s health hasn’t been keeping well in the past few days.
The 62-year-old business tycoon took his last breath earlier today. He was brough to the Breach Candy Hospital in Mumbai after suffering a cardiac arrest but he was declared brought dead. As per media reports, his died due to multiple health issues.
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The business tycoon’s last rites will be performed at 5:30 pm today at Banganga Crematorium, Malabar Hill.
Jhunjhunwala was the 36th richest man in India holding a net worth of USD 5.5 billion. He was the chairman of of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. Apart from being an ace investor, he had a seat on the board of directors of Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Prime Focus Limited, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
Rakesh Jhunjhunwala early life
Rakesh Jhunjhunwala was born on July 5, 1960. He grew up in a Rajasthani family in Mumbai and his father worked as a Commissioner of Income Tax. He graduated from the Sydenham College in 1985 and joined the Institute of Chartered Accountant of India to become a Chartered Accountant.
He developed an interest in stocks during his college days and plunged into the Dalal street after completing his degree. His interest grew further after listening to his father discuss stock market with his friends.
The ‘Big Bull’ of Dalal Street made his first investment worth Rs 5,000 as capital in 1985. In September 2018, the capital rose to Rs 11,000 crore. His earned his first big profit in 1986 when he purchased 5,000 shares of Tata Tea at Rs 43 and the stock surged to Rs 143 in just three months. With this, his former capital gave him a profit of Rs 20-25 lakh.
The business magnate invested in many of the biggest stocks in the past few years. These include, CRISIL, Sesa Goa, Titan and Praj Industries.
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