Rakesh Jhunjhunwala, a billionaire investor and well-known figure in the Indian Stock Market & the Business world, has passed away at the age of 62 after battling multiple health issues
Rakesh Jhunjhunwala, an investor, who turned anything into gold, passed away on Sunday morning. He had been dubbed “India’s Warren Buffet” for his successful investing career. Jhunjhunwala was known for his ability to pick winning stocks and for his philanthropy.
ADVERTISEMENT CONTINUE READING BELOW
Jhunjhunwala was one of the richest people in India, with an estimated worth of 580 Crores USD. He was also a successful trader and a chartered accountant, and he used his wealth to expand his business empire into other industries. Jhunjhunwala was a director at Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services. He was also the chairman of Hungama Media, an entertainment company that owns and operates a movie theatre chain and a music streaming platform.
Jhunjhunwala is a well-known investor who has made a fortune in the stock market. He started investing while he was still in college, enrolling at the Institute of Chartered Accountants of India. He graduated and decided to pursue investing full time, investing Rs 5,000 in 1985 which grew to Rs 11,000 crore by the end of September 2018.
One evening, after hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala’s father quoted him as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. This intrigued Jhunjhunwala, who became convinced that he, too, should learn about the market so that he could have an understanding of what was happening and, perhaps, profit from it.
So, Jhunjhunwala decided to ask his father for money to start his own investment firm. He expected his father to be proud of him, but he was nothing but critical. He told Jhunjhunwala that he should let people invest in the stock market so that he could learn from their mistakes and save himself from making them.