Rakesh Jhunjhunwala: The ‘Big Bull’ of the stock market dies at the age of 62
Rakesh Jhunjhunwala, who was also known as ‘Big Bull’, the veteran investor of the Indian stock market, is no more. This is a surprising and sad news for the investors of Indian stock market. After starting his stock market career with only ₹ 5000 on the advice of his father and after seeing many ups and downs in life, he achieved such a huge position in the stock market. Rakesh Jhunjhunwala was one of those people who always kept the market up ie the ‘Bulls’ of the stock market.
If you people do not understand this difference between Bull and Bear, then let us tell you that those people who want to take the stock market to the heights are called ‘Bulls’ or ‘Tejadiya’ in the language of the stock market, more people Those who try to bring down the stock market are called ‘bear’ or ‘mandariya’.
Rakesh Jhunjhunwala, an investor with a Midas touch, is often called India’s own Warren Buffet. He was a businessman and also a chartered accountant. According to the Forbes Rich List, Jhunjhunwala was the 48th richest person in the country. He is the chairman of Hungama Media and Aptech and used to sit on the board of directors of firms such as Viceroy Hotels, Concorde Biotech, Provogue India and Geojit Financial Services.
According to sources, the investor was brought to Kandy Breach Hospital at 6:45 am and was declared brought dead. He said that he was suffering from several health problems including kidney ailments and was discharged from the hospital a few weeks back.
How Rakesh Jhunjhunwala became a Dalal Street Mogul
Jhunjhunwala started trying his hand in the stock market in college itself. He enrolled at the Institute of Chartered Accountants of India, but after earning his degree, he decided to bow his head at Dalal Gali. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had grown to Rs 11,000 crore.
Jhunjhunwala developed an interest in the stock market after his father discussed it with his friends. Jhunjhunwala quoted his father as saying that his father had asked him to read the newspaper regularly as it was the news that caused ups and downs in the stock market. While his father allowed him to work with the stock market, he refused to give him financial aid and forbade him to ask friends for money.
But Jhunjhunwala was a risk taker from the beginning. He borrowed money from his brother’s customers and promised to return the capital with returns higher than the bank’s fixed deposits.
He made his first big profit in 1986 when he bought 5,000 shares of Tata Tea for Rs 43 and within three months the stock rose to Rs 143. He made more than three times profit. In three years he earned 20–25 lakhs.
Over the years, Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma and NCC.
After the 2008 global recession, his share prices dropped by 30% but eventually recovered from the loss by 2012.
Life and Education of Rakesh Jhunjhunwala
Jhunjhunwala was born on 5 July 1960. He grew up in Mumbai, where his father was posted as an income tax officer. After graduating from Sydenham College in 1985, he joined the Institute of Chartered Accountants of India. He is married to Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala is the 48th richest person in India with a net worth of $3 billion.
Investor Rakesh Jhunjhunwala used to include the welfare of the people in his portfolio. He donated 25% of his wealth to charity in 2020. Used to run an ashram for cancer affected children in St Jude. Agastya International Foundation and Arpan, an organization that helps create awareness about sexual abuse among children, were also supported by veteran investor Rakesh Jhunjhunwala. Jhunjhunwala had built an eye hospital in Navi Mumbai which provides 15000 eye surgeries free of cost.
Rakesh Jhunjhunwala was famous for his multibagger stocks
Rakesh Jhunjhunwala manages a privately owned stock trading firm named ‘RARE ENTERPRISES’. The name is derived from the first two letters of his name and that of his wife, Mrs. Rekha Jhunjhunwala.
During his long career in the stock market, Rakesh Jhunjhunwala invested in many multi-bagger stocks.
In 2002–03, Rakesh Jhunjhunwala bought ‘Titan Company Limited’ at an average price of Rs 3 and it is currently trading at a price of Rs 2400. He holds more than 44 million shares of Titan Company. His ‘overall’ stake in the company is 5.1% as of March 2022
In 2006, he invested in Lupine and his average purchase price was Rs 150. Today, Lupine is trading at Rs.682. Some other multi-baggers in Rakesh Jhunjhunwala’s portfolio are CRISIL, Praj India, Aurobindo Pharma, NCC, etc.
In a recent development, Rakesh Jhunjhunwala once again made headlines for earning 50 crores in just 8 days.
More About THE LEGEND
Recently, Rakesh Jhunjhunwala also launched his backed airline ‘Akasa Air’. He is the co-founder of this airline and along with Aditya Ghosh, former chairman of IndiGo, owns 40% of this company. Aditya Ghosh holds 10 percent stake in this company.
Rakesh Jhunjhunwala’s first successful investment was in Tata Tea in 1986, where he bought 5,000 shares of it for Rs 43, which later increased to Rs 143 in three months, giving him more than three times returns. Later, his other successful investments include Tata Power, Sesa Goa (now Vedanta Ltd.), Praj Industries Ltd. etc., making him famous in the Indian stock market.
Prime Minister Narendra Modi led the country in paying tribute to Rakesh Jhunjhunwala. The billionaire investor passed away at the age of 62 in Mumbai.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” PM Modi said.
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