Veteran investor Rakesh Jhunjhunwala, also fondly known as the ‘Big Bull’ of Indian stock market, passed away at the age of 62 on Sunday morning. According to reports, he was brought dead to Mumbai’s Breach Candy Hospital.
Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, in a Twitter post, wrote, “Deeply anguished at the demise of veteran investor Rakesh Jhunjhunwala. He was an inspiration for wealth creation for crores. My heartfelt condolences to his family, friends and admirers. Om Shanti.”
The cause of death was not immediately known. The ace investor was not keeping well for the past few days. The self-made businessman was the son of an Income Tax officer and is survived by his wife -- Rekha -- and three children.
A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage a stock trading firm, RARE Enterprises.
The promoter of India's newest airline, the ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.
Jhunjhunwala, 62, one of the richest person in the country, was a stock market trader and chartered accountant. He was also 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.
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. His net worth was more than $5.5 billion, according to Forbes. His other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.
Jhunjhunwala's excellent communication skills helped small investors understand the stock market, said businessmen and bankers based in India's financial capital, Mumbai, who had interacted with him for over 30 years. His insights on the economy and companies made him a popular TV celebrity.
Jhunjhunwala's bets include a number of companies run by Tata Group, one of India's largest conglomerates. These include Tata Motors, watch maker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels.
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