Big Bull of Dalal Street Rakesh Jhunjhunwala passes away at 62
Big Bull of the Dalal Street, one of the most prominent investor in Indian stock market and Founder of the budget airline Akasa Air Rakesh Jhunjhunwala passed away on Sunday. One of the richest among riches in India, Jhunjhunwala was 62. He was declared brought dead to the Breach Candy Hospital in Mumbai around 6:45 am after he suffered a cardiac arrest. He is said to have been suffering from multiple ailments including uncontrolled level of diabetes and kidney ailments.
Having investment portfolio of over three dozen companies including Tata Motors, Titan Company, Star Health, Karur Vaishya Bank and Rallis India, Jhunjhuwala was also the chairman of Hungama Media and Aptech. Other than Akasa Air that he founded recently, Jhunjhunwala is also the promoter of Star Health and Allied Insurance and he and his wife hold a 17.49 per cent stake in the company.
Jhunjhunwala, who was the 36th richest billionaire in India with a net worth of over $ 5.8 billion had begun investing with ? 5,000 way back in 1985 when the Bombay Stock Exchange's benchmark index Sensex happened to be around 150 which roars around 59,000 these days.
Jhunjhunwala had teamed up with veterans of aviation industry like ex-Jet Airways CEO Vinay Dube and former Head of IndiGo Aditya Ghosh to come up with India's newest airline Akasa Air at a time when entire industry was struggling to overcome losses due to Covid-19 situation. The airline started operations as recently as last week with its first flight from Mumbai to Ahmedabad.
PM Narendra Modi condoled in a tweet saying, ‘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’.
Similarly, Chairman of Tata Sons N. Chandrasekaran said in his tweet that Rakesh Jhunjhunwala believed in India and the sheer potential of the country. This conviction led him to consistently make bold decisions throughout his life and career. He had tremendous regard for the Tata Group. Mr. Jhunjhunwala’s passing is an irreparable loss and we extend our deep condolences to his family and friends.
A chartered accountant by training, Jhunjhunwala was suggested by his father, who was an income tax official, to stay away from the stock market and said that he will not extend any financial support for investment in share markets.
Some of the notable investment holdings of this Big Bull of the Dalal Street include Titan Company, where he along with his wife Rekha held 5.05 per cent stake, a 1.09 per cent stake in Tata Motors and, also 5.48 per cent stake in Crisil and 3.64 per cent in Federal Bank.
