|Intro||Indian investor and trader|
|Was||Businessperson Stockbroker Financial professional Stock trader|
|Birth||5 July 1960, Mumbai, Bombay State, India|
|Death||14 August 2022, Breach Candy Hospital, Breach Candy, Mumbai, India (aged 62 years)|
Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was an Indian billionaire business magnate, stock trader, and investor. He managed his own portfolio as a partner in his asset management firm, Rare Enterprises. He had an estimated net worth of $5.5 billion (as of July 2022), making him the 36th richest man in India. He was often referred to as "India's Warren Buffett" or the "Big Bull of India", and was widely known for his stock market predictions and bullish outlooks.
Early life and education
Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand, Rakesh started investing early when in college. Beginning with ₹5,000 capital in 1985, by the time of his death in 2022 his investment had grown to ₹11,000 crores.
Besides being an active investor Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited. He was also a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).
Jhunjhunwala's first big profit of came in the form of ₹5 lakh in 1986. Between 1986 and 1989, he earned almost ₹20–25 lakh profit. As of 2021, his biggest investment was in Titan Company which is worth ₹7,294.8 crore.
In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for Rs 176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC for Rs 195 crore. In 2021 he commenced the construction of his new 70,000 square feet 13 storey home after the demolition of the old building.
In 2021, he co-founded Akasa Air, a low-cost airline in India, with former Jet Airways CEO Vinay Dubey. The new airline has 2 aircraft, with additional order for 70 more aircraft, and as of August 2022, flies to 3 cities.
In popular culture
Like the Fake Steve Jobs blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the Investor's life. On 7 June 2012, the authors were revealed by The Economic Times to be two people. For the first year, Forbes columnist Mark Fidelman and for the remaining years, writer Aditya Magal. In the web series Scam 1992, actor Kavin Dave played a role based on him.
Jhunjhunwala was investigated for insider trading. As of July 2021, the SEBI had settled the issue after a total payment of ₹35 crore from Jhunjhunwala and his associates. Jhunjhunwala paid ₹18.5 crore and his wife paid ₹3.2 crores.
On 14 August 2022, Rakesh felt some uneasiness in his health, due to which he was rushed to Breach Candy Hospital in Mumbai. He died at around 6:30 am later that morning. Doctors reported that he also suffered from kidney related problems and acute multiple organ failure. Indian Prime Minister Narendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening."
Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple has three children together. Their daughter Nishtha was born on 30 June 2004. Their twin sons Aryaman and Aryaveer were born on 2 March 2009.