Dalal Street was sent into a tizzy on Sunday morning after the shock death of ace investor Rakesh Jhunjhunwala at the age of 62. Reports said the billionaire was taken to Mumbai’s Breach Candy Hospital where he was received dead at 6.45 AM.
Jhunjhunwala was discharged barely three weeks ago from the hospital.
The investor recently ventured into the aviation industry with the launch of Akasa Air that took off on August 7. Jhunjhunwala was also the chairman of Hungama Digital Media Entertainment and Aptech Limited. He was also a director at several Indian companies and an advisor to India’s International Movement to the United Nations.
RAKESH JHUNJHUNWALA EARLY LIFE
Jhunjhunwala was born in a Rajasthani family on July 5, 1960. He spent most of his childhood in Mumbai. His forefathers hailed from Jhunjhunu — the reason behind his surname — in Rajasthan. His father was an Income Tax Commissioner. After finishing school, he took admission in Sydenham College before enrolling in the Institute of Chartered Accountants of India.
RAKESH JHUNJHUNWALA INVESTMENT
The stock trader first developed an interest in the stock market when he heard his father discussing it with friends.
Although he received advice from his father on the market, he never got any money to invest. However, that did not stop Jhunjhunwala and began trading in the financial markets after joining college. He invested Rs 5,000, his savings, in 1985. At that time, the Sensex was at 150 points. It is currently trading at 59,462 points.
Within a year, he made a profit of Rs 5 lakh through his Tata Tea investment. He had bought 5,000 company shares at Rs 43 each and sold them at Rs 143 each. Between 1986 to 1989, Jhunjhunwala invested in blue-chip companies such as Tata Power, the price of which rose to Rs 1,200 each and doubled investor’s assets from Rs 20 lakh to Rs 55 lakh.
His love for the Tata Group persisted to his last day with Titan, part of the conglomerate, being one of his most valuable assets. He bought 8 crore Titan shares in 2002-2003 at an average price of Rs 5 per share. The stock today is trading at roughly Rs 1,751 as compared to an average price of Rs 5 when Jhunjhunwala first bought the stock. In 2017, he earned over Rs 875 crore in one day due to hike in Titan’s share price.
At the time of his death, his net worth was at $5.8 billion, according to Forbes. He was India’s 36th richest man in 2021, according to Forbes, and the 438th richest in the world in 2022.
RAKESH JHUNJHUNWALA FAMILY
Jhunjhunwala married Rekha on February 22, 1987, and the couple had three children. Rare Enterprises, his private stock trading company, derives its name from the two initials of his and his wife’s names.
Their daughter Nishtha was born in 2004 after six cycles of IVF, while twin sons Aryaveer and Aryaman were born in March 2009.
Rekha is also an investor. In April, reports surfaced that the couple earned Rs 832 crore through their investment in Metro Brands and Star Health Insurance.
RAKESH JHUNJHUNWALA LIFESTYLE
Jhunjhunwala was a fan of the dosa, the south Indian delicacy. He was a huge film buff with Amitabh Bachchan, Waheeda Rehman, and Aamir Khan being his favourite actors. He also co-produced several films.
In 2013, he purchased half of a sea-facing building that included six plush apartments in the upmarket Malabar Hill area of Mumbai from Standard Chartered Bank for Rs 176 crore, reports said. He also owns a holiday home with seven bedrooms, a jacuzzi, pool, gym, and disco in Lonavala.