On Sunday morning, veteran investor Rakesh Jhunjhunwala passed away. The investor was also “India’s Warren Buffet.” According to sources, he was taken to the Candy Breach Hospital at 6:45 AM. Rakesh Jhunjhunwala was declared dead there. He had several health issues, including kidney problems. However, they stated that he was recently discharged from the hospital. He was a chartered accountant as well as a trader.
Rakesh was one of the wealthiest people in the country. He was last in public at the launch of Akasa Air. Jhunjhunwala was also the chairman of Aptech Ltd and Hungama Digital Media, as well as an investor. He served as a director for several Indian firms. He also worked as a consultant to the International Movement to Unite Nations for India.
Early Career And The Beginning Of Rakesh Jhunjhunwala
On July 5, 1960, Rakesh Jhunjhunwala was born into a middle-class family. In 1985, he made his debut on the stock market with only 5,000 rupees. At the time, he was a college student. His net worth, as per Forbes, was around $5.5 billion as of its most recent estimate. Jhunjhunwala claims that after hearing his father talk about the stock market, he became interested in it. Since his career in stocks began, he has taken calculated risks.
When Rakesh Jhunjhunwala purchased shares of Tata Tea in 1986, he made his first significant profit. At barely Rs. 43, he bought 5,000 shares of Tata Tea. Later, after three months, that stock increased to Rs 143. He profited more than three times over. Rakesh Jhunjhunwala made between Rs 20 to 25 lakhs over the following three years. His most significant investment as of 2021 was in the Titan Company, valued at $7,294.8 crore. He served on the International Movement to Unite Nations’ Board of Advisors. He also earned 284 crores in six years with a single stock.
Additionally, his charitable endeavors span a range of fields, including medicine, nutrition, and education. Jhunjhunwala used to donate 25% of his income to charitable causes. Twenty-five percent of his wealth was donated to charity in 2020. He gives to St Jude, which operates shelters for kids with cancer. He also supports Arpan and the Agastya International Foundation. It is an organization that aids in educating kids about sexual exploitation.
PM Narendra Modi Pays Condolences To Rakesh Jhunjhunwala
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
Narendra Modi, the prime minister, expressed his condolences at Jhunjhunwala’s demise. “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,” he tweeted.
He was the 36th richest man in India, with an estimated net worth of $5.5 billion. May his soul Rest in Peace.