NEW DELHI: Ace stock market investor Rakesh Jhunjhunwala died Sunday morning. The 62 self-made investor, was also known as the ‘Big Bull’ of Dalal Street.
According to Forbes’ 2021 listing, Jhunjhunwala was the 36th richest billionaire in India with an estimated net worth of around USD 5.8 billion (about Rs 46,000 crore).
Son of an income tax officer, he is survived by his wife and three children. He was also the chairman of Hungama Media and Aptech and sat on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
He was born on July 5, 1960 in a Rajasthani family; Jhunjhunwala grew up in Bombay, where his father worked as a Commissioner of Income Tax. Jhunjhunwala graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also a stock market investor.
Prime Minister Narendra Modi, who met Jhunjhunwala and his wife last year, described him as 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,” 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
“I lost my brother today .. A relationship not known to many. They call him a billionaire investor, the badshah of BSE .. But what he really was .. Is and always will be .. Is a dreamer,” she tweeted.
Irani said the ace investor was tenacious, tender, graceful, and “my gentle giant”. “Bhaiyya always told me ‘ apan apne dam par jeyenge ‘ .. And he lived on his own terms …Rakesh Jhunjhunwala… the legend, the legacy will live on,” she said in another tweet.
He was tenacious , he was tender , he was graceful, he was as my gentle giant . Bhaiyya always told me ‘ apan apne dam par jeyenge ‘ .. and he lived on his own terms ..
— Smriti Z Irani (@smritiirani) August 14, 2022
The Union Home and Cooperation Minister, Amit Shah has condoled the passing away of Shri Rakesh Jhunjhunwala.
In his condolence message on Twitter, Amit Shah said, “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”
Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.
— Amit Shah (@AmitShah) August 14, 2022
He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. In three years, he earned Rs 20-25 lakh.