Mumbai: Veteran investor Rakesh Jhunjhunwala passed away on Sunday morning at the age of 62. According to a media report, Rakesh Jhunjhunwala was suffering from several health problems and was discharged from the hospital a few weeks ago. He was last seen at the launch of Akasa Air. Jhunjhunwala’s relatives took him to the hospital on Sunday morning after his health deteriorated, where he breathed his last. An investor with a Midas touch was called the Warren Buffet of India.
Prime Minister Narendra Modi has condoled the death of Rakesh Jhunjhunwala and paid tribute to him. He tweeted, ‘Rakesh Jhunjhunwala was a man of indomitable courage, full of life, funny and practical. He has left behind an indelible contribution to the financial world. He was also very passionate about the progress of India. His passing is sad. My condolences to his family and fans. Peace.’
He was a trader as well as a chartered accountant, and one of the richest men in the country. Rakesh Jhunjhunwala was the chairman of Hungama Media and Aptech, as well as the director of Viceroy Hotels, Concorde Biotech, Provogue India and Geojit Financial Services . Recently he launched Akasa Airlines. Billionaire investor Rakesh Jhunjhunwala had invested $50 million in Akasa Air for a 40% stake.
Rakesh Jhunjhunwala started trying his luck in the stock market when he was in college. He joined the Institute of Chartered Accountants of India, but after graduation decided to dive into Dalal Street for the first time. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had increased to Rs 11,000 crore by September 2018. After hearing his father discussing the stock market with friends, Rakesh Jhunjhunwala became interested in it.
Rakesh Jhunjhunwala would often repeat what his father had said, that those investing in the stock market should read newspapers regularly. Because news is what causes ups and downs in the stock market. According to reports, Jhunjhunwala’s father allowed him to work in the stock market, but he refused to give any financial assistance and refused to ask friends for money.