‘Indian Stock’ Big Bull Rakesh Jhunjhunwala passes away at 62
Rakesh Jhunjhunwala, who was known as the “Big Bull” of Dalal Street, died of a heart attack today at the age of 62 in Mumbai. Sources say that he had a lot of health problems related to his heart, diabetes, and kidneys.
At about 6:45 a.m., Rakesh Jhunjhunwala had a heart attack and had to be rushed to the Breach Candy Hospital in Mumbai. When he got to the hospital, the people in charge said he was dead. He was 62.
Jhunjhunwala had a lot of health problems and was just released from the same hospital where he was treated for kidney problems a few weeks ago.
India’s own Warren Buffett is a self-made trader, investor, and businessman. His father was an income tax officer, and he has a wife and three children who will miss him.
A few days ago, Jhunjhunwala, who helped start the low-cost airline Akasa Air, was his last public appearance. The famous investor was a chartered accountant, but he had not been feeling well for a few months and looked weak in a wheelchair at the public event
Forbes said that Jhunjhunwala was the 36th richest billionaire in India with a net worth of about $5.8 billion (Rs 46,000 crore).
Radhakishan Damani, the founder of the store chain DMart, was Jhunjhunwala’s investing guru and a very close friend. Younger investors called him “Rakesh Bhaiya.”
He was one of the few people in the market who could trade and invest well at the same time. As a trader, Jhunjhunwala could do a “le phataphat, de phataphat” and could even sit for a long time on a gem like Titan.
Market data shows that Jhunjhunwala started buying Titan in 2015. Since then, his investment in Tata stock has grown to Rs 11,000 crore. He had 32 stocks that were available to the public.
The experienced trader-turned-investor used to stress the importance of having realistic goals. In interviews with the media, he said that anyone who can get an 18% or 21% return on their portfolio is as good as a king or an emperor.
Jhunjhunwala also helped start up a number of businesses, such as Star Health and Aptech Ltd. Rare Enterprises is the name of his trading and investment company. It comes from the first two letters of his name and the name of his wife, Rekha.
Last year, Prime Minister Narendra Modi met Jhunjhunwala and his wife. He said that Jhunjhunwala was strong, full of life, funny, and wise.
“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,” Modi tweeted.
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
The co-founder of Zerodha, Nikhil Kamath, tweeted a picture of himself with the legend with the words, “There will never again be someone like you, RIP.”
There will never again be someone like you, RIP. 🙏🏽 pic.twitter.com/FK6KjZPck0
— Nikhil Kamath (@nikhilkamathcio) August 14, 2022
Deepak Shenoy, a fund manager, remembered how Jhunjhunwala would always say that “the mother of all bull markets is ahead of us”.
“No matter what, the mother of all bull markets was ahead of us, he would say. And he’s always been right,” Shenoy said.
The veteran banker Uday Kotak, who was in school and college one year after Jhunjhunwala, said, “(He) believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”