Veteran investor Rakesh Jhunjhunwala passed away on Sunday morning at the age of 62. Jhunjhunwala died at 6.45 am in Mumbai and was brought dead to Breach Candy Hospital, according to the reports.
Jhunjhunwala's funeral will be held at Banganga crematorium, Malabar Hill in Mumbai at 5.30 pm today.
He was often referred as the "Big Bull" and "Warren Buffet" of the Indian stock market.
Jhunjhunwala was a stock market trader and chartered accountant. He was also the chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Jhunjhunwala was the founder of India's newest airline Akasa Air, which launched services in the Bengaluru-Kochi-Bengaluru sector from Cochin International Airport Limited (CIAL) on Friday (August 12).
He had teamed up with ex-Jet Airways CEO Vinod Dube and former IndiGo head Aditya Ghosh to set up the airline.
The self-made businessman was the son of an Income Tax (I-T) officer and is survived by his wife -- Rekha -- and three children.
Prime Minister Narendra Modi expressed grief over his demise. PM Modi said, "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. My condolences to his family and admirers. Om Shanti."
Net worth
His net worth was more than $5.8 billion, according to Forbes. The ace investor was not keeping well for the past few days.
Jhunjhunwala was born on July 5, 1960. After graduating from Mumbai's Sydenham College, he enrolled at the Institute of Chartered Accountants of India (ICAI).
He ran a privately-owned stock trading firm RARE Enterprises.
Biggest holdings of Jhunjhunwala
Jhunjhunwala's portfolio includes companies like Titan, Rallis India, Star Health, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors. Overall, he had stake in 47 companies at the end of June quarter (Q1 FY 2022-23).
With a value of around Rs 11,000 crore, Titan Company is the biggest holding of Jhunjhunwalas. The "Big Bull" together with his wife held over a 5 per cent stake in the company as of June 30, according to the data available with Trendlyne.
Star Health And Allied Insurance Company is the next big pick of Jhunjhunwala with a value of around Rs 7,000 crore.
"Nobody can predict weather, ... "
Jhunjhunwala once said that nobody can predict weather, death, market and women. This comes true in the case of the equity investor as the whole investing community got shocked by the news of his death.
Speaking at the India Today Conclave in 2021, he said, "Risk is the essence of life. If you don't (take) risk, you are nothing."
His excellent communication skills helped small investors understand the stock market, said businessmen and bankers, who had interacted with him for over 30 years.
"Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!" said Uday Kotak, CEO, Kotak Mahindra Bank.
Akasa Air's statement on Jhunjhunwala's demise
"We are deeply saddened by the untimely demise of Mr Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr Jhunjhunwala's family and friends. May his soul rest in peace. We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us putting his trust and faith in us to build a world-class airline. Mr Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being if our employees and customers. Akasa Air will honour Mr Jhunjhunwala's legacy, values and belief in us by striving to run a great airline."
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