Hyderabad: Early Sunday morning, the Indian stock markets lost one of their most bullish followers when ace investor Rakesh Jhunjhunwala succumbed after a devastating cardiac arrest.
He was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am following the cardiac arrest. But the 62-year-old was declared dead on arrival by the hospital authorities.
Jhunjhunwala, who was suffering from multiple health issues, had recently undergone treatment for kidney-related issues.
Born on July 5, 1960, Jhunjhunwala graduated from Sydenham College and later enrolled at the Institute of Chartered Accountants of India.
As his father worked as an Income Tax officer working in Mumbai, he got attracted to the world of finance from early childhood.
He used to study stock price movements through newspapers and read annual reports of companies to understand the state of their finances.
Jhunjhunwala began trading in stocks with an initial investment of Rs 5,000 in 1985 when the Sensex was hovering around 150.
In 37 years of his stint as a stock market trader, his wealth swelled to $5.8 billion (Rs 46,185 crore), making him the 36th richest in India. His bullishness about stock markets earned him the tags of Indian Warren Buffett and the Big Bull.
Though he was suffering from several health issues, he was never tired of many new bets. His latest venture is India’s newest airline Akasa Air. His entry into the risky aviation sector, the fund guzzler, surprised many.
In 2022, Jhunjhuwala had his investments in more than three dozen companies. He was also the chairman of Hungama Media and Aptech.
Condoling the Big Bull’s death, Prime Minister Narendra Modi said the legendary investor “leaves behind an indelible contribution to the financial world.”