Veteran stock market investor Rakesh Jhunjhunwala passes away

Veteran stock market investor, Rakesh Jhunjhunwala passed away at the age of 62. Often referred to as ‘India’s Warren Buffett’ and the Big Bull of Indian markets, Jhunjhunwala’s net worth was $5.8 billion. An investor with a Midas touch, Jhunjhunwala was the 48th richest man in the country.

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Rakesh Jhunjhunwala:

• He was Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay, where his father worked as a commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
• He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months.
• In three years, he earned Rs 20-25 lakh. When Jhunjhunwala entered the stock market, the Sensex was at 150 points.

Career:

• A chartered accountant by education, 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, Tata Motors.
• Overall, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.
• He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.

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