Rakesh Jhunjhunwala, widely regarded as the “Big Bull” of the Indian stock market, died early on Sunday in Mumbai at the age of 62. His death was attributed to kidney illness and ischemic heart disease, according to CNBC-TV18, which interviewed staff at the Breach Candy hospital where he was transported.
The fifth of July marked Jhunjhunwala’s 62nd birthday. He was born into a middle-class household and always had an interest in investing. In 1985, while still a student, he put together Rs 5,000 and began selling. Since then, he has amassed a fortune of roughly $5 billion.
Some Known Facts About Rakesh Jhunjhunwala:
1. Father Refused to Give Him Money for Trading: After overhearing a discussion on stocks and investing amongst his pals, he became intrigued by the subject. Radheshyam Jhunjhunwala Sr. allowed his son to participate in the stock market, but he never gave him any financial backing.
Jhunjhunwala took customer funds from his brother and lent them money with the promise of bigger profits. When he purchased 5,000 shares of Tata Tea for Rs 43 each in 1986, he made his first sizable profit. In just three months, the price increased to Rs 143, netting him a tripled profit.
2. King of Dividends: Jhunjhunwala‘s stock portfolio brings in dividends worth crores for him every year. In his portfolio, he has many high-dividend equities from companies like Titan and Crisil.
3. Big on Donations: In July of 2020, Rakesh Jhunjhunwala gave 50 crore Indian rupees (about $7.5 million) to charity, making him the largest new donor on the “Edelgive Hurun India Philanthropy list” for 2021. He planned to give away Rs 5,000 crore (or 25% of his assets, whichever was smaller).
4. He Is a Foodie: Jhunjhunwala is a huge fan of hawker fare, dosa, and Chinese food. But being a true Mumbaikar, he can’t get enough of pav bhaji. In his spare time, he enjoys tuning in to cooking competitions.
5. His love for Bollywood: English Vinglish, Shamitabh, and Ki & Ka are all films that Rakesh Jhunjhunwala produced in Bollywood. In 1999, he also co-founded Hungama Digital Media with four others. Its new name is Hungama Digital Media Entertainment Pvt. Ltd. As of right now, he is the chairman of the board of the business.
6. Jhunjhunwala told Bloomberg News: In 2005 that his father, a former tax commissioner, was the inspiration behind his interest in the stock market.
7. Jhunjhunwala used money borrowed from his brother’s clients with the promise of greater profits to fund his initial stock market venture. The Sensex was at 150 when he entered the Indian stock market; it is now close to 60,000.
8. Jhunjhunwala put away Rs 5,000 (about $650) in the stock market when he was a student in 1985, and by September of this year, that investment was worth almost Rs 11,000 crore. “Big Bull” of the Indian stock market, Jhunjhunwala died early on Sunday in Mumbai at the age of 62.
9. The Indian stock market had always inspired confidence in Jhunjhunwala. To put it simply, he has the Midas touch as an investor, since virtually every stock he has bought has increased in value by a factor of two or more. In addition, he was the 36th wealthiest person in India.
10. In 1986, he made his first significant profit when he invested in 5,000 shares of Tata Tea for Rs 43 per share and watched as the stock price jumped to Rs 143 over the course of three months. Twenty to twenty-five thousand rupees was Jhunjhunwala’s annual take for the duration of the three years.
11. From the start, Jhunjhuwala was recognized as one of the greatest risk-takers, earning him the title “Big Bull” of Dalal Street and “King of Bull Market.” Because of his investment prowess, he is often referred to as “India’s Warren Buffet.”
12. Jhunjhunwala attended Sydenham College in Mumbai and went on to study at the Institute of Chartered Accountants of India after being born in the Jhunjhunu region of Rajasthan on 5 July 1960. (CA)
13. Akasa Air, India’s newest low-cost carrier, was recently founded by Jhunjhunwala in partnership with the former CEOs of Jet Airways, Vinay Dube, and IndiGo, Aditya Ghosh. The first commercial flight for the airline took place on August 7 and was from Mumbai to Ahmedabad.
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