One of India’s wealthiest stock market investors, Rakesh Jhunjhunwala, passed away on Sunday in Mumbai at the age of 62 after suffering a heart arrest. The expert investor had uncontrolled diabetes and kidney issues, according to a doctor at Breach Candy Hospital, where he was brought dead at 6:45 am.
His passing shocked the investment world, and grief was expressed in great quantities. “Rakesh Jhunjhunwala had unbreakable resolve. He made an immeasurable contribution to the financial world and was full of life, witty, and smart. In addition, he had a strong zeal for India’s advancement, Prime Minister Narendra Modi noted in a tweet.
Nirmala Sitharaman, the minister of finance, wrote on Twitter: “Investor, daring risk taker, expert stock market knowledge, clear in communicating… had tremendous faith in the power and potential of India.
Jhunjhunwala began his investment career in 1985 with just Rs 5,000, but his daring wagers, successful track record, and enthusiasm for investing helped him become a revered character on Dalal Street.
The seasoned investor, who participated in the markets right up until the end, held more than 1% of nearly thirty companies, with a final market value of more than Rs 32,000 crore.
In addition, he had shares in a number of privately held companies, including Akasa Air, the newest airline in India, which launched its first flight earlier this month. Long-time diabetic Jhunjhunwala spent more than a year in a wheelchair, but only recently did his health deteriorate, according to those in the know. But he persisted to the very end.
Jhunjhunwala possessed the uncommon talent of dabbling in both investing and trading. He previously claimed that his trading abilities not only gave him the money for long-term investments but also helped him to improve his investment abilities.
Jhunjhunwala, a chartered accountant by trade, frequently attended quarterly earnings calls of businesses in which he had ownership interests and built a reputation for asking the management the right questions.
His steadfast belief in the India story, his positive analysis of the economy and markets, and his readiness to keep investing even during difficult times have earned him the nickname Big Bull during the past two decades. Though fewer than 5% of the population in India, his performance and belief in the markets attracted many investors.