Who was Rakesh Jhunjhunwala, 'Big Bull' of Dalal Street; know his net worth, more details
Veteran investor Rakesh Jhunjhunwala was the chairman and a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
FollowAce investor Rakesh Jhunjhunwala of Dalal Street passed away on Sunday morning in Mumbai's Breach Candy Hospital. The Midas touch investor was dubbed "India's Warren Buffet." Rakesh Jhunjunwala was 62 years old.
He was a trader, chartered accountant, and one of the country's wealthiest men. Jhunjhunwala was also the chairman of Hungama Media and Aptech and a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Rakesh Jhunjhunwala was born in a middle-class family to an Indian tax officer and began trading in the stock market in 1985 while still in college. The BSE Sensex was around 150 points at the time, and he started investing with Rs 5,000. According to Forbes, Rakesh Jhunjhunwala's net worth stood at $5 billion (Rs 39,527 crore), up 15 per cent from $4.6 billion in a year (Rs 34,387 crore). Tata Tea was Rakesh Jhunjhunwala's first big win, with a profit of Rs 5 lakh in 1986. He invested Rs 43 in 5,000 Tata Tea shares, which rose to Rs 143 in three months, more than tripling his initial investment.
Following the most recent corporate shareholdings filing, Rakesh Jhunjhunwala and associates own 33 stocks worth over Rs 25,842.3 crore. According to Trendlyne data, these stocks include Titan Company, Tata Motors, Star Health and Allied Insurance Company, Metro Brands, Fortis Healthcare, Nazara Technologies, Federal Bank, Delta Corp, DB Realty, and Tata Communications. Titan Company, a watch and jewellery maker, was his most valuable listed holding, with a holding value of Rs 8,830.9 crore, followed by Star Health and Allied Insurance Company at Rs 4,957.1 crore and Metro Brands at Rs 2,391.3 crore.
Jhunjhunwala recently entered the aviation sector with 'Akasa Airlines.' He was once a bear in the stock market, i.e., bears. When the Harshad Mehta scam was exposed in 1992, he made huge profits through short selling. Established cartels dominated the Indian stock market in the 1990s. One such bear cartel was led by Manu Manek, also known as 'Black Cobra', and included Radhakishan Damani and Rakesh Jhunjhunwala, among others. The stock market crashed after journalist Sucheta Dalal reported the Harshad Mehta scam in 1992.
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