The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion, according to Forbes.
Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities.
Jhunjhunwala was suffering from multiple health issues and was discharged from the same hospital a few weeks ago after being treated for kidney-related issues.
The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion, according to Forbes. He was the 36th richest billionaire in India.
He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch India’s newest airline Akasa Air – which took off last week. He was seen on a wheelchair at the launch of Akasa Air.
An investor with a Midas touch, Rakesh Jhunjhunwala was also dubbed as “India’s Warren Buffett” who was mostly bullish about the stock market.
Overall, Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings. He was also the chairman of Hungama Media and Aptech.
His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also an investor.
Rakesh Jhunjhunwala was born on July 5, 1960. His father worked as an Income Tax officer in Mumbai. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
He began investing with ₹ 5,000 in 1985 when the Bombay Stock Exchange’s benchmark index Sensex was at 150; it now trades at over 59,000.
Prime Minister Narendra Modi condoled his death and said the legendary investor “leaves behind an indelible contribution to the financial world.” Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.