The 'King of Stock Market', Rakesh Jhunjhunwala passed away on Sunday morning at the age of 62. The last rites of Rakesh Jhunjhunwala, the ace stock market investor and a promoter of the recently-launched Akasa Air, were performed at the Banganga Crematorium in Mumbai on Sunday.
The doctors revealed the sudden cause of his death, 'Jhunjhunwala was suffering from kidney disease and ischemic heart disease, due to which he suffered a sudden cardiac arrest on Sunday morning which became the cause of his death, confirmed Dr Pratit Samdani, Breach Candy Hospital.
A self-made trader, investor and businessman, he was also known as the 'Big Bull' of Dalal Street. Jhunjhunwala was the 36th richest billionaire in India, according to Forbes' 2021 listing. He had an estimated net worth of around USD 5.8 billion (about Rs 46,000 crore).
Rakesh Jhunjhunwala grew up in Mumbai and completed his graduation from Sydenham College in 1985, he then enrolled at the Institute of Chartered Accountants of India.
The reason Jhunjhunwala is known as the Warren Buffett of India is due to his strategic investments in more than three dozen companies, the most valuable being watch and jewellery-maker Titan, part of the Tata conglomerate.
At the end of the June quarter, Jhunjhunwala's net worth stood at Rs 25,425 crore. This was after the steepest 25 per cent fall since March 2020 from Rs 33,754 crore a quarter ago. By August, the value rebounded to Rs 31,834 crore, according to Trendline.com. That's what made Big Bull of Dalal Street a legend. In March 2020, his portfolio dropped around 33 per cent to Rs 8,355 crore from Rs 12,554 crore sequentially. But the ace investor turned it around and his portfolio quadrupled since March 2020.
Apart from his investments, Rakesh Jhunjhunwala was also a movie producer. He has produced movies like English-Vinglish, Shamitabh, and Ki and Ka. The investor had made his way through the rank of 36th Billionaire of India through his valued investments in ample sectors, being his biggest bet on Titan Co Ltd. In 2002-03. Initially, he picked up the shares at an average price of Rs 3 per piece. The shares are now trading at Rs 2,140. He holds over 4.49 crore shares of Titan Company. He and his wife Rekha Jhunjhunwala held 5.1 per cent in the company as of June 2022, worth Rs 11,086 crore.
The second and the third biggest stock in his portfolio are followed by Star Health & Allied Insurance Co Ltd and Tata Motors Ltd. The Jhunjhunwala couple collectively holds 10.07 crore shares in the company, amounting to over Rs 8,000 crore. Whereas Tata Motors Ltd. at 3.62 crore shares worth Rs 1,731 crore. In Fortis Healthcare and CRISIL Ltd, he held 3.2 crores and 21.29 lakh shares, worth Rs 899 crore and Rs 693 crore, respectively.
Regardless of his wealth, Jhunjhunwala was optimistic about the Country. He always believed in India and claimed, "that regardless of global economic conditions, the Indian markets would grow, "but at a slower pace". Being among the highest investors he was a great person with the utmost knowledge and contributes significantly to the social difference in India.