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Rakesh Jhunjhunwala passes away at 62 in Mumbai; last rites today

Rakesh Jhunjhunwala was one of the richest men in the country. Jhunjhunwala was also chairman of Hungama Media and Aptech.

Vani Mehrotra Edited By: Vani Mehrotra @vani_mehrotra New Delhi Updated on: August 14, 2022 13:05 IST

Highlights

  • Rakesh Jhunjhunwala was taken to Breach Candy Hospital in Mumbai as he was unwell
  • Sources said he was brought dead to the hospital
  • Jhunjhunwala was the owner of India's newest airline Akasa Air which took off earlier this month

Rakesh Jhunjhunwala passed away on Sunday at the age of 62 in Mumbai.  He was not keeping well for the past few days and breathed his last today at Breach Candy Hospital in Mumbai, as per the hospital sources.

Last rites of veteran investor and Akasa Air founder will be performed at Banganga crematorium in Mumbai at 5.30 pm today.

Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month.

A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."

He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

PM Modi expresses grief 

Meanwhile, Prime Minister Narendra Modi today expressed grief over the passing away of Rakesh Jhunjhunwala. 

Taking to Twitter, the prime minister today said, "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti."

Who was Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala was an Indian billionaire business magnate, stock trader and investor. He managed his own portfolio as a partner in his asset management firm, Rare Enterprises. 

Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan.

He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India. 

Jhunjhunwala's estimated net worth was $5.5 Billion (as of July 2022) making him the 36th richest man in India.

Jhunjhunwala's financial career

Besides being an active investor Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.

He was popularly referred to as the "Big Bull of India" and the "King of Bull Market" and was widely known for his stock market predictions and bullish outlooks.

The first big profit of Rakesh Jhunjhunwala was Rs 5 lakh in 1986. 

Between 1986 and 1989, he earned almost Rs 20-25 lakh profit.

As of 2021, his biggest investment was in Titan Company which is worth Rs 7,294.8 crore.

He was a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).

Also Read | Akasa Air, Rakesh Jhunjhunwala backed-airline, to start Bengaluru-Mumbai flights from Aug 19

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