On Sunday morning, veteran investor Rakesh Jhunjhunwala passed suddenly. The investor known as “India’s Warren Buffet” was described as having “the Midas touch.”
The investor was rushed to the Candy Breach Hospital around 6:45 AM and was later declared dead, according to sources. They said that he had recently been released from the hospital and was dealing with a number of health problems, including kidney problems.
He was one of the richest men in the nation, a businessman and chartered accountant, and his last public appearance was at the opening of Akasa Air.
Jhunjhunwala served as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services in addition to serving as chairman of Hungama Media and Aptech.
Jhunjhunwala started experimenting with the stock market while still in college. After graduating from the Institute of Chartered Accountants of India, he chose to plunge straight into Dalal Street, despite having registered there. In 1985, Jhunjhunwala made a capital investment of Rs 5,000. By September 2018, that capital had increased to Rs 11,000 crore.
Jhunjhunwala developed an interest in the stock market after hearing his father and his friends talk about it. Jhunjhunwala cited his father as telling him to regularly read the newspaper because it was the news that affected the stock market. According to sources, even though his father allowed him to engage in the stock market, he prevented him from asking friends for money and didn’t offer any financial support.
Jhunjhunwala, though, was a risk-taker from the start. With the promise of paying it back with larger returns than bank fixed deposits, he borrowed money from his brother’s clients.
When he bought 5,000 shares of Tata Tea in 1986 for Rs 43, he made his first sizable profit because the price increased to Rs 143 within three months. He more than tripled his earnings. In three years, he made 20–25 lakh rupees.
Over the years, Jhunjhunwala has made profitable investments in companies including Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.
The worldwide recession of 2008 caused a 30% decline in his stock values, but by 2012, he had recovered.