Billionaire investor and the Big Bull of Indian stock market Rakesh Jhunjhunwala has died at the age of 62. He was known as the ‘Warren Buffet of India’. Prime minister Narendra Modi paid tribute to him.
Billionaire investor and the Big Bull of Indian stock market Rakesh Jhunjhunwala has died on sunday morning in Mumbai at the age of 62. He invested in many well established companies and also in new startups.
Jhunjhunwala was known as the ‘Warren Buffet of India’. His networth was $5.8 billion as of August, 2022. He did many investments individually and via his firm Rare Enterprises.
Low-cost carrier Akasa Sir, co-owned by Jhunjhunwala, was inaugurated on August 7.
Rakesh Jhunjhunwala was India’s 36th Richest person in 2021 and globally 438th richest person, so far in 2022, as per Forbes.
He was born on July 5, 1960 in a Rajasthani family, in Mumbai, whose father was a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at Institute of Chartered Accountants of India. He started his investment in the market with just Rs.5000 in 1985.
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Prime minister Narendra Modi mourned on the death of Rakesh Jhunjhunwala and said he was very passionate about India’s progress.
“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,” PM Modi tweeted.
Finance minister Nirmala Sitharaman also paid tribute to him. She wrote, “Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences”
Home minister Amit Shah tweeted, “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”
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