Tuesday, March 5, 2024

Rakesh Jhunjhunwala, India’s Warren Buffett, dies of cardiac arrest

Ace investor Rakesh Jhunjhunwala died this morning at a Mumbai hospital. He was 62.

Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities. 

He was discharged from the same hospital a few weeks ago after being treated for kidney-related issues.  

The veteran trader-cum-investor, also known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.5 billion, according to Forbes.

He was a promoter of India’s newest airline Akasa Air which took off last week. Jhunjhunwala was suffering from multiple health issues and was seen on a wheelchair at the launch of Akasa Air. 

He was dubbed as “India’s Warren Buffett” who was mostly bullish about the country’s stock market.

Rakesh Jhunjhunwala was born on July 5, 1960. He was married to Rekha Jhunjunwala, who is also an investor.

Prime Minister Narendra Modi condoled the death of Rakesh Jhunjhunwala and said the legendary investor “leaves behind an indelible contribution to the financial world.”

“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.

Rakesh Jhunjhunwala, often referred to as India’s Warren Buffet, was born in Hyderabad on July 5, 1960 and grew up in Mumbai.

After graduating from Sydenham College, he enrolled in Institute of Chartered Accountants of India and married Rekha Jhunjunwala, also a stock market investor.

Jhunjhunwala was known to be bullish about India’s stock market and whatever stocks he purchased mostly turned into multibagger

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He also backed India’s newest airline Akasa Air which took off in Indian skies earlier this month.

Asked why he started the venture when the aviation sector was not doing well. “I say I’m prepared for failure,” he had replied.

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