Veteran Investor Rakesh Jhunjhunwala Passed Away

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Veteran Investor Rakesh Jhunjhunwala Passed Away
14 Aug 2022
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News Synopsis

On Sunday morning, renowned investor Rakesh Jhunjhunwala passed suddenly. The investor known as "India's Warren Buffet" was described as having "the Midas touch." The investor was rushed to the Candy Breach Hospital around 6:45 AM and was later pronounced dead, according to sources. They said that he had recently been released from the hospital and was dealing with a number of health problems, including kidney problems.

He was one of the richest men in the nation, a businessman and chartered accountant, and his last public appearance was at the opening of Akasa Air. Jhunjhunwala served as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services in addition to serving as chairman of Hungama Media and Aptech.

Rakesh Jhunjhunwala entered the stock market in 1985 with his hard-earned deposit of Rs 5,000. Then he saw a good opportunity to earn money in the stock market. He initially added money himself for his stock market. He bought 5,000 shares of TATA Tea at a price of Rs 43 and within just 3 months the TATA Tea share rose from Rs 43 to Rs 143. Rakesh Jhunjhunwala sold the shares of TATA Tea and made a profit of more than 3 times from it. Rakesh Jhunjhunwala's first big profit was Rs 5 lakh which at that time was a huge profit in such a short span of time. Between 1986 and 1989, he made a profit of around Rs 20-25 lakh. After this he has been investing in the stock market till date.

After this Rakesh Jhunjhunwala saw the opportunity in Sesa Goa and made a big investment. At that time the share of Sesa Goa was running at a price of only Rs 28 and as they expected this share would increase to Rs 35 and in a very short time the share reached Rs 65 and they made a huge profit in many shares. Jhunjhunwala has publicly invested in 33 companies. He has invested the most money in Titan company (Rs 8,728.9 crore). Apart from this, Rs 4,755.2 crore has been invested in Star Health and Rs 2,431.8 crore in Metro Band.

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