The Big Bull of the Indian stock market, Rakesh Jhunjhunwala, died on Sunday morning in Mumbai at the age of 62. He has failed kidneys in both kidneys, sources told CNBC-TV18. He was transferred to Breach Candy Hospital, which has not yet released the formal details of his demise.
On July 5, Jhunjhunwala turned 62. He was middle-class by birth and had a penchant for the stock market. In 1985, while still a college student, he began trading with Rs 5,000. He has since amassed a net worth of about $5 billion.
Here are some lesser-known facts about Rakesh Jhunjhunwala:
1. Father refused to give him money for stock market
A talk between his pals piqued his curiosity in the stock market. Although his father Radheshyam Jhunjhunwala permitted him to experiment with the stock market, he declined to provide financial assistance. Jhunjhunwala promised his brother’s clients larger profits in exchange for their lending him money. When he purchased 5,000 shares of Tata Tea in 1986 for Rs. 43, he made his first significant profit. Within three months, this increased to Rs 143, netting him a 3x profit.
2. King of dividends
Stocks in Jhunjhunwala’s portfolio give him dividend returns in the millions of rupees. He owns numerous shares of businesses that offer generous dividends, such as Titan and Crisil.
3. Big on donations
In July of last year, Rakesh Jhunjhunwala contributed Rs 50 crore and came in first on the list of new entrants for the “Edelgive Hurun India Philanthropy list” for 2021. He had made the decision to donate no more than 25% of his assets, or Rs 5,000 crore.
4. He enjoys eating
Jhunjhunwala adores dosa, street food, and particularly Chinese food. He likes pav bhaji though, being a Mumbaikar at heart. He also likes to spend his leisure time watching cooking shows.
5. He adores Bollywood
English Vinglish, Shamitabh, and Ki & Ka are the three Bollywood films that Rakesh Jhunjhunwala has produced. Along with four other partners, he also founded Hungama Digital Media in 1999. Hungama Digital Media Entertainment Pvt. Ltd. is the new name for this company. He presently serves as chairman of the corporation.