Rakesh Jhunjhunwala, a seasoned investor in the stock market, passed away early on Sunday. In addition to his age, 62, he also had renal problems. His kidneys had apparently failed, and he was regularly dialyzing to keep alive. At 6:45 a.m., he was pronounced dead after being rushed to the Candy Breach Hospital.
He is a merchant and a chartered accountant, and he hasn’t been seen in public since the debut of Akasa Air.
In addition to his work at Geojit Financial Services, Jhunjhunwala served as chairman of Hungama Media and Aptech, and on the boards of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Jhunjhunwala’s interest in stocks started during his undergraduate years. Before diving deeply into Dalal Street, he enrolled in the Institute of Chartered Accountants of India. In 1985, Jhunjhunwala put up Rs 5,000 as capital. As of September of 2018, the money has ballooned to Rs 11,000 crore.
After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.
However, Jhunjhunwala always took chances. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.
In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. Over the course of three years, he amassed an income of 20–25 lakh.
Throughout the years, Jhunjhunwala has made money off of his investments in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.
At the first flight of Akasa Air on August 7 between Mumbai and Ahmedabad, Rakesh Jhunjhunwala, who owned 40 percent of the company, made his last public appearance. An average pregnancy lasts nine months and ends with the birth of a healthy baby. Took Akasa Air over a year. Jhunjhunwala had added in his brief address at the Mumbai airport, “It would not have been feasible without the support of the Ministry of Civil Aviation.” There is “nowhere in the world” place an airline “has been created and birthed in 12 months,” he claimed.
Many prominent people in Maharashtra, including Chief Minister Eknath Shinde, have sent statements of sympathy after the death of Rakesh Jhunjhunwala, a seasoned investor in the stock market. Shinde lamented the loss of this “jewel” on the Indian stock market and in the thoughts of Indian investors generally. Deputy Chief Minister of Maharashtra Devendra Fadnavis said that Jhunjhunwala’s impact on the Indian economy will not be forgotten. “I was shocked to learn about Shri Rakesh Jhunjhunwala ji’s passing. His impact on Indian business and the country’s economy will live on in legend. Sincere sympathies to his loved ones and fans. Fadnavis tweeted, “My humble tributes.” Former Maharashtra minister and Shiv Sena leader Aaditya Thackeray has also expressed sadness over Jhunjhunwala’s death.