Billionaire investor Rakesh Jhunjhunwala dies due to cardiac arrest
The billionaire investor's death comes just days after his private airline, Akasa Air, took to the skies. Jhunjhunwala invested $35 million for a 40 per cent stake in the venture.
FollowVeteran investor Rakesh Jhunjhunwala passed away on Sunday. He was 62. Jhunjhunwala had a sudden cardiac arrest which caused his death. He was also suffering from chronic kidney disease and responding well to chronic dialysis, Dr Pratit Samdani of the Breach Candy Hospital in Mumbai said
Jhunjhunwala, the 48th richest man in India, had companies like Star Health, Titan, Escorts, Canara Bank, Rallis India, Indian Hotels Company, Nazara Technologies, Tata Motors and Agro Tech Foods in his portfolio. His stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha. Rekha is also a stock market investor.Â
The billionaire investor's death comes just days after his private airline, Akasa Air, took to the skies. Jhunjhunwala invested $35 million for a 40 per cent stake in the venture. Akasa Air made its maiden flight on August 7.
According to Forbes, Rakesh Jhunjhunwala's net worth was projected to be $5.8 billion as of August 2022. Jhunjhunwala was the chairman of Aptech Ltd and Hungama Digital Media Entertainment Pvt Ltd. He was also one of the directors of several Indian firms. He was also an advisor to India's International Movement at the United Nations.
Often referred to as India's Warren Buffett, Jhunjhunwala started dabbling in stocks while still in college.
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Jhunjhunwala was born on July 5, 1960. His father worked as an Income Tax Officer in Mumbai. Upon graduating from Sydenham College, Jhunjhunwala dived headfirst into Dalal Street after enrolling in the Institute of Chartered Accountants of India. His first big profit at Dalal Street came in 1986 when the 5,000 shares of Tata Tea that he had bought for Rs 43 shot up to Rs 143 within three months. He earned Rs 20-25 lakh over the next three years.Â
Prime Minister Narendra Modi mourned the demise of Jhunjhunwala.Â
Taking to Twitter, the Prime Minister 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."
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