The ‘Big Bull’ Rakesh Jhunjhunwala passes away at 62 age in Mumbai


His net worth was $5.8 billion as of August 2022. He did so through his company, Rare Enterprises.

Rakesh Jhunjhunwala, one of India’s  richest stock market investors, died on Sunday in Mumbai at the age of 62, following a heart arrest caused by health issues. The ace investor had uncontrolled diabetes and kidney difficulties, according to a doctor at Breach Candy Hospital, where he died at 6:45 a.m.

The news of his death shocked the investment community and sparked an outpouring of sadness.

“Rakesh Jhunjhunwala was unbreakable.” He makes an unforgettable contribution to the financial world, full of life, wit, and intelligence. “He was also tremendously passionate about India’s progress,

Tweeted Prime Minister Narendra Modi 

Tweeted Home Minister Amit Shah I was shocked to read of Rakesh Jhunjhunwala Ji’s death

. Numerous investors have been motivated by his extensive knowledge and comprehension of the stock market. His optimistic perspective will live in infamy. I send his family my sincere sympathies. “Om Shanti Om Shanti.”

Nirmala Sitharaman, the minister of finance, wrote on Twitter: “Investor, daring risk taker, expert stock market knowledge, clear in communicating… had a tremendous faith in the power and potential of India.

Rakesh Jhunjhunwala began his investment career in 1985 with just Rs 5,000, but his daring wagers, successful track record, and enthusiasm for investing helped him become a revered character on Dalal Street.

The seasoned investor, who participated in the markets up until the moment of his death, held more than 1% of the stock in close to 30 businesses, with a final market value of more than Rs 32,000 crore. In addition, he owned stakes in a number of privately held companies, including the newest airline in India.

The airline Akasa Air, which flew for the first time earlier this month.

People in the know claim that Jhunjhunwala’s health just lately began to deteriorate despite the fact that he had long-standing diabetic issues and had been confined to a wheelchair for more than a year. But even at the end, he maintained his energy, as evidenced by the widely circulated video of him dancing in a wheelchair to a well-known Bollywood song. In addition, he produced a few movies, including the 2012 Sridevi-starring English Vinglish.

Jhunjhunwala’s stock market knowledge and knack for making profitable bets helped him become well-known, earning him the nickname “India’s Warren Buffet.” Similar to Buffet, investors applauded his funny one-liners about investing. Many of them closely tracked his portfolio changes to obtain a glimpse into the ace investor’s thoughts and badgered him for stock tips.

But he often advised investors against copying his stocks and concepts.

Jhunjhunwala significantly increased his stakes in stocks including Titan, Lupin, and Crisil. Additionally, he wound up owning other unsuccessful businesses in his portfolio, including DHFL, A2Z Maintenance, and DB Realty.

Jhunjhunwala possessed the uncommon talent of dabbling in both investing and trading. He previously claimed that his trading abilities not only gave him the money for long-term investments, but also helped him to improve his investment abilities.

Jhunjhunwala, a chartered accountant by trade, frequently attended quarterly earnings calls of businesses in which he had ownership interests and built a reputation for asking the management the right questions.

His steadfast belief in the India story, his positive analysis of the economy and markets, and his readiness to keep investing even during difficult times have earned him the nickname Big Bull during the past two decades.

In India, where fewer than 5% of the population actively participates in stocks, his performance and belief in the markets attracted many investors.

Jhunjhunwala, the son of an income tax official, joined the so-called “bear cartel” in the early 1990s and placed bets against the stocks of Harshad Mehta, the Big Bull at the time who supported stock prices with bank loans.

The Mehta-backed stocks crashed when the scheme was exposed, giving the bear cartel the last laugh, but they experienced some nervousness as the stocks they had shorted continued to rise. In addition, Jhunjhunwala developed a reputation for avoiding the dot-com boom of 2001. He recently demonstrated hesitation when it came to making investments in start-ups and cryptocurrency.

Jhunjhunwala frequently lauded his father and Radhakishan Damani, a seasoned investor and the entrepreneur behind the Dmart retail chain, for his accomplishments.

Jhunjhunwala occasionally had relationships with the authority over the capital markets. He, his wife Rekha, and a small group of individuals consented to pay Sebi Rs 37 crore last year to settle a case involving the violation of insider trading laws while dealing in shares of Aptech, where he was a promoter.

Those who know Jhunjhunwala reported that he was always willing to assist. He joined the Edelgive Hurun India Philanthropy list in 2021 with a donation of Rs 50 crore per year. According to information he provided to a media outlet, he intended to send Rs 5,000 crore to his charitable foundation and would continue to donate till the fund reached Rs 25,000 crore.

Rekha, Jhunjhunwala’s wife, and his two sons and one daughter survive him.


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