|Rakesh Jhunjhunwala Quick Info|
|Height||5 ft 8 in|
|Date of Birth||July 5, 1960|
|Date of Death||August 14, 2022|
Rakesh Jhunjhunwala was an Indian billionaire business magnate, stock trader, and investor. Referred to as India’s Warren Buffett, he served as the chairperson of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. as well as was on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited. Known for his stock market predictions, Rakesh Jhunjhunwala also managed his own portfolio as a partner in his asset management firm, Rare Enterprises.
Big Bull of India, King of Bull Market
He was born on July 5, 1960.
On August 14, 2022, he died at the age of 62 in Mumbai, Maharashtra, India. He passed away after a sudden cardiac arrest. Rakesh was suffering from kidney-related problems (was on chronic dialysis), diabetes, ischemic heart disease, and had acute multiple organ failure. He had also undergone angioplasty just some time before death.
Mumbai, Maharashtra, India
He resided in Mumbai, Maharashtra, India.
Rakesh Jhunjhunwala graduated from Sydenham College of Commerce and Economics, the oldest college of commerce in Asia located in Mumbai, Maharashtra.
After that, he got enrolled at the Institute of Chartered Accountants of India, the world’s 2nd-largest professional accounting body and largest professional accounting body of India under the ownership of the Ministry of Corporate Affairs, Government of India.
Business Magnate, Stock Trader, Investor
- Father – Radheshyamji Jhunjhunwala (Worked as a Commissioner of Income Tax)
- Mother – Urmila Jhunjhunwala (Homemaker)
- Siblings – Rajesh Jhunjhunwala (Older Brother), Sudha Gupta (Sister), Neena Sanganeria (Sister)
According to Forbes, his net worth was $6.2B on January 19, 2022.
5 ft 8 in or 173 cm
82 kg or 181 lbs
Girlfriend / Spouse
Rakesh Jhunjhunwala had dated –
- Rekha Jhunjhunwala (1987-2022) – He married Rekha Jhunjhunwala on February 22, 1987, and they had 3 children – a daughter named Nishtha Jhunjhunwala and 2 sons named Aryaman Jhunjhulwala and Aryavir Jhunjhunwala. The duo remained together until his death in 2022.
Race / Ethnicity
Rakesh Jhunjhunwala was of Rajasthani descent.
Salt and Pepper
Used to wear glasses
Rakesh Jhunjhunwala Facts
- Owing to his father’s job, he was raised in Mumbai, Maharashtra.
- In 1986, Rakesh Jhunjhunwala secured his first big profit of ₹5 lakh.
- He was a member of the Board of Advisors of India’s International Movement to Unite Nations (I.I.M.U.N.).
- A parody blog called The Secret Journal of Rakesh Jhunjhunwala humorously portrayed his life.
- Jhunjhunwala had produced 3 Bollywood movies in his lifetime, which were English Vinglish (2012) starring Sridevi, Shamitabh (2015) starring Dhanush and Amitabh Bachchan, and Ki & Ka (2016) starring Kareena Kapoor Khan and Arjun Kapoor.
- One of his biggest investments had been in Titan Company.
- Rakesh Jhunjhunwala’s character was portrayed by actor Kavin Dave in the Hindi-language financial thriller streaming television series Scam 1992: The Harshad Mehta Story in 2020.
- There was an investigation against the investor for insider trading as of January 28, 2020. The Securities and Exchange Board of India (SEBI) has settled the issue as of July 2021, after a total payment of ₹35 crores from Jhunjhunwala and his associates.
- After Rakesh Jhunjhunwala sold his stake (maybe entirely as he was holding less than 1% shareholding) in the agriculture machinery company Escorts in April 2022, the stock fell by over 3%. He was holding 75 lakh equity shares (or 5.68% holding) as of December 31, 2021. He had started accumulating the stock towards the end of 2015.
- In December 2021, he had co-founded his own airline company called Akasa Air, which is a low-cost airline in India, by investing $35 million for a 40% stake. He co-founded it with former Jet Airways CEO Vinay Dube. Akasa Air had started its operations in August 2022.
- In August 2022, Rakesh was brought dead (at around 6:45 AM) to the Breach Candy Hospital in Mumbai.
- He was cremated at the Banganga Crematorium in Malabar Hill, Mumbai.
- On August 16, 2022, Rakesh Jhunjhunwala’s company RARE Enterprises bought a 10% stake in Singer India after his demise. Just before his death, he had planned to purchase the shares in this company. Hence, Rare Enterprises fulfilled his last desire. After purchase, the shares went up by 20% and hit the upper circuit.
- Post his demise, Dmart’s Radhakishan Damani served as the main trustee of Jhunjhunwala’s estate.
- Once Jhunjhunwala had to wash the dishes in a Mumbai pub as he had no money to pay the bill. On a different occasion at the same pub, he forgot to pay the bill and the next day, he paid 50% extra than the bill amount.
- He was posthumously awarded the Padma Shri award for his contributions to trade and industry which was accepted by his wife Rekha from President Droupadi Murmu at the Rashtrapati Bhavan.
Featured Image by Business-Standard / Pinterest