Ace stock market investor Rakesh Jhunjhunwala, often referred to as ‘India’s Warren Buffett’ died on Sunday morning. A self-made trader, investor, and businessman, the 62-year-old was also known as the ‘Big Bull’ of Dalal Street.
With an estimated net worth of around USD 5.8 billion (about Rs 46,000 crore), Jhunjhunwala was the 36th richest billionaire in India, according to Forbes' 2021 listing.
Here are some lesser-known facts about the veteran stock market investor:
A chartered accountant by education, Jhunjhunwala started off his journey in stock markets while still in college with a capital of just Rs 5,000.
He recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air -- India's newest budget carrier. The airline began commercial operations this month with its maiden flight from Mumbai to Ahmedabad.
Jhunjhunwala had in previous interviews stated that he became fascinated with stocks as a child after watching his father balance his market investments. He made his first investment in the stock market in 1985 when he was 25 years old with money borrowed from a relative. The Bombay Stock Exchange's benchmark index Sensex was at 150 when he began investing. It now trades at over 59,000 points.
Jhunjhunwala had the reputation of being a risk-taker in his investments, many of which paid off spectacularly. He was described as an investor who has "acquired legendary Midas touch by picking winning stocks".
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Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata conglomerate. His portfolio includes companies like Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors.
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.
While he did not make big headlines for scams, Jhunjhunwala did feature in some cases of insider trading and was also speculated to front-run on stock trades ahead of big news events. In 2021, he and others settled an insider trading case related to Aptech by agreeing to pay Rs 37 crore under the consent route, where an individual can close a pending matter without admitting or denying the charges.
