Home » News » India » Big Bull of Dalal Street, Investor Rakesh Jhunjhunwala Dies At 62, Had Kidney Issues
1-MIN READ

Big Bull of Dalal Street, Investor Rakesh Jhunjhunwala Dies At 62, Had Kidney Issues

By: News Desk

News18.com

Last Updated: August 14, 2022, 11:05 IST

Delhi, India

He was both a trader and a chartered accountant, and one of the richest men in the country (Image: FILE)

He was both a trader and a chartered accountant, and one of the richest men in the country (Image: FILE)

According to sources, Rakhesh Jhunjhunwala was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead

Veteran investor Rakesh Jhunjhunwala passed away on Sunday morning. The investor with a Midas touch had been dubbed “India’s Warren Buffet.”

According to sources, the investor was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead. He was suffering from multiple health issues including kidney ailments and had been discharged from the hospital a few weeks ago, they said.

Both a trader and a chartered accountant, and one of the richest men in the country, he was last seen in public at Akasa Air’s launch.

Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.

After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.

But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.

In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.

Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.

His stock prices fell by 30% following the 2008 global recession, but he recovered by 2012.

Read the Latest News and Breaking News here

first published:August 14, 2022, 08:56 IST
last updated:August 14, 2022, 11:05 IST