Mumbai: Rakesh Jhunjhunwala, the 62-year-old millionaire entrepreneur, share trader and investor, passed away this morning. According to sources, he was brought to Breach Candy Hospital in Mumbai in a dead state at 6.45 am.
After two or three weeks, Jhunjhunwala was discharged from the hospital.
Notably, he was one of the co-founders of ‘Akash Air’, which started flying on August 7. Jhunjhunwala, known as the ‘Warren Buffet of the Indian Market’ and ‘Big Bull’, was ill for a few days. According to Forbes, his total assets are worth about 5.5 billion dollars.
Condoling his death, Prime Minister Modi tweeted: Rakesh Jhunjhunwala was invincible. Rakesh’s contribution to the financial world with his soul, intelligence and insight is unmistakable. He was also very concerned about the progress of India. His passing is sad. My condolences to his family and fans.
Born in a middle-class family on July 5, 1960, Rakesh first entered the stock market in 1985 with just Rs 5,000. He was studying in college then. In 1986, he bought Tata Tea shares and made a huge profit. The price of 5,000 ‘Tata T’ shares that he bought at Rs 43 per share went up to Rs 143 in 3 months. In the next 3 years, he earned 20 to 25 lakh rupees.
According to him, he got interested in the stock market on the advice of his father. He was a ‘risk taker’ right from the time he entered the stock market. Hence, he was called ‘Big Bull’.
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