Rakesh Jhunjhunwala passed away on Sunday morning. He was brought to the Candy Breach Hospital at 6:45 AM in the morning and was declared dead. He was suffering from multiple health issues including kidney ailments and had been discharged from the hospital a few weeks ago.
Both a trader and a chartered accountant, and one of the richest men in the country, he was last seen in public at Akasa Air’s launch.
Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money.
But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.
In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.
Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.