Picture : Twitter/ ANI
Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala passed away on Sunday in Mumbai. He was 62.
Jhunjhunwala was not keeping well for the past few days and breathed his last on Sunday at Breach Candy Hospital in Mumbai, as per the hospital sources, reported ANI.
Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.
He was also the owner of India’s newest airline Akasa Air which took off in Indian skies earlier this month on August 7 with the Mumbai- Ahmedabad flight.
— Akasa Air (@AkasaAir) August 14, 2022
A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, “I say I’m prepared for failure.”
He was always bullish about India’s stock market and whatever stocks he purchased mostly turned into a multibagger. Known as ‘India’s Warren Buffett’, Jhunjhunwala wealth was estimated at around $5.8 billion, according to Forbes.
An investor with a Midas touch, he was the 48th richest man in the country. A chartered accountant, he chose Dalal Street instead of auditing accounts.
In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.
His portfolio includes companies like Star Health, Titan, Rallis India, 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 the June quarter.
As soon as the news of Rakesh Jhunjhunwala passing away came . Tributes started flowing in on Twitter
Prime Minister Narendra Modi lead the tributes by his Tweet
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.
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. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Amit Shah, Home Minister
Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.
— Amit Shah (@AmitShah) August 14, 2022
Jyotiraditya Scindia, Civil Aviation Minister
Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India’s growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones.
— Jyotiraditya M. Scindia (@JM_Scindia) August 14, 2022
Himanta Biswa Sarma, Assam Chief Minister
Deeply saddened by the sudden demise of prominent investor & industrialist Rakesh Jhunjhunwala ji. He has left a legacy in the arena of stock broking & will remain an inspiration for generations of young investors & entrepreneurs.
My condolences to the bereaved family.
Om Shanti! pic.twitter.com/f7rwSk4rfN— Himanta Biswa Sarma (@himantabiswa) August 14, 2022
