Rakesh Jhunjhunwala, the Warren Buffett of India, passes away at 62: 10 points

Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala breathed his last on Sunday morning at the age of 62.

Mumbai: Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala breathed his last on Sunday morning. He passed away at the age of 62. Jhunjhunwala was not keeping well for the past few days. He breathed his last in Breach Candy Hospital in Mumbai.

Here are the top 10 updates in this big story:

1. Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. "He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty," said Dr Pratit Samdani of Breach Candy Hospital.
2. Prime Minister Narendra Modi condoled Jhunjhunwala's death on Twitter. "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," he tweeted.
3. Jhunjhunwala was discharged from Breach Candy hospital a few weeks ago after being treated for kidney-related issues. According to reports, the ace investor will be cremated Sunday evening at Banganga crematorium in Mumbai.
4. Rakesh Jhunjhunwala, an investor with a Midas touch, was often referred to as India’s own Warren Buffet. According to Forbes' Rich List, Jhunjhunwala was the 48th richest man in the country and his net worth stood at $5 billion (Rs 39,527 crore), as of 5 July 2022, zooming 15 per cent in one year from $4.6 billion (Rs 34,387 crore).
5. Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor. Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.
6. Rakesh Jhunjhunwala was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month. A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure." He was always bullish about India's stock market.
7. Meanwhile, Akasa Air tweeted, "We are deeply saddened by the untimely demise of Rakesh Jhunjhunwala this morning.....Akasa Air will honour Rakesh Jhunjhunwala’s legacy, values, and belief in us by striving to run a great airline."
8. Jhunjhunwala’s first big win was Tata Tea, where he made a profit of Rs 5 lakh in 1986. He bought 5,000 shares of Tata Tea at a price of Rs 43, which zoomed to Rs 143 apiece within just three months, more than tripling his invested money. He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
9. In 1985, the market honcho got fascinated by Dalal Street and expressed his desire to pursue a career in the stock market. However, his father asked him to first get a graduate degree. Jhunjhunwala graduated from Sydenham College in 1985. After graduation, he again discussed his plan with his father. His father permitted him to do so on the condition that he would not support his son financially, nor should he ask any of his friends for money. He should earn and invest his own money.
10. He had his share of failures as well. After the 2008 global recession and in the subsequent years, Jhunjhunwala's stock prices fell by 30 per cent, but he bounced back and recovered the losses by 2012. RJ‘s life is a fitting example of the adage that one has to devise ways to solve problems through experiences and lessons learned from life.
11. Jhunjhunwala was managing a privately-owned stock trading firm called RARE Enterprises – a name derived from the first two initials of his and his wife Rekha Jhunjhunwala’s names.