2 October 2022

NEWSCOPE

"Open to all, but Influenced by None"

Rakesh Jhunjhunwala, India’s Warren Buffet, dies at 62

Mr. Jhunjhunwala had several health problems and was discharged from the same hospital a few weeks ago after being treated for kidney problems. He will be cremated this evening at Mumbai's Banganga crematorium.

Ankur Chatterjee: India’s ace stock market investor and co-founder of India’s newest airline ‘Akasa Air’ Rakesh Jhunjhunwala, 62, died in the morning of August 14 at a Mumbai Hospital. He was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac artist. The hospital authorities declared Mr. Jhunjhunwala dead on arrival.

Mr. Jhunjhunwala had several health problems and was discharged from the same hospital a few weeks ago after being treated for kidney problems. He will be cremated this evening at Mumbai’s Banganga crematorium.

According to Forbes, the veteran trader-turned-investor known as the Big Bull of Dalal Street had a net worth of roughly $5.8 billion, and was India’s 36th richest billionaire.

He recently partnered with former Jet Airways CEO Vinay Dube and former IndiGo CEO Aditya Ghosh to start Akasa Air, which took to the skies last week. On the day Akasa Air was launched, Jhunjhunwala was seen on a wheelchair. 

In a statement, Akasa Air expressed their condolences for Rakesh Jhunjhunwala’s death and stated that he was greatly concerned about the well-being of its staff and customers. “Akasa Air will strive to run a successful airline in order to honour his memory, values, and faith in us,” the statement stated.

Jhunjhuwala held a total of more than three dozen investments. His main holdings included Titan, Star Health, Tata Motors, and Metro Brands. He also served as the chairman of Hungama Media and Aptech.

Rakesh Jhunjhunwala was dubbed “India’s Warren Buffett” because he was incredibly enthusiastic about the country’s stock market.

Rare Enterprises, his privately held stock trading firm, was named after the first two letters of his name and the name of his wife Rekha, who is also an investor.

Rakesh Jhunjhunwala was born on July 5, 1960. He was a chartered accountant by profession and began investing with 5,000-rupees 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 expressed condolences for his death, saying the famed investor “leaves an indelible mark to the financial world.” Jyotiraditya Scindia, Union Minister for Civil Aviation, said he will be remembered for providing India its own airline, Akasa Air, after more than a decade of waiting.

Also read: Salman Rushdie, stabbed in New York, now on ventilator https://newscope.in/?p=9836

>
%d bloggers like this: