Ace investor Rakesh Jhunjhunwala passes away at 62

www.mangaloretoday.com

Mumbai, August 14, 2022: Veteran investor Rakesh Jhunjhunwala, also known as the big bull of Dalal Street, passed away on Saturday in Mumbai. He was 62. Several media reports said he died of a heart attack.

Jhunjhunwala made his fortune on the stock exchange as a value share investor and is often compared to the Berkshire Hathaway chairman and CEO Warren Buffett. He has an estimated net worth of $5.5 billion, according to Forbes’s latest report, which made him the 36th richest man in India.

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. pic.twitter.com/DR2uIiiUb7

— Narendra Modi (@narendramodi) August 14, 2022

Last week, Jhunjhunwla-backed Akasa Air operated its first flight from Mumbai to Ahmedabad.

Condoling his demise, PM Modi said, "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.

Born on July 5, 1960, Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India. Jhunjhunwala started dabbling in stocks while he was still in college.

Besides being an active investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits 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 Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.