Rakesh Jhunjhunwala was an Indian billionaire business magnate, stock trader, and investor.
Rakesh Jhunjhunwala died on the morning of 14 August 2022 leaving behind a fortune of $5.8 billion. He was one of those rare kinds of Indian billionaires who became rich through investing not through trading and industry. This legendary investor was known as the Bull of Dalal Street. So who was this guy whose death has got trending on the internet like the death of a Bollywood movie star, let’s find out:
Table of Contents
1. Who was Rakesh Jhunjhunwala?
Rakesh Jhunjhunwala was a chartered accountant whose interest in stocks grew when he observed his father discussing the markets with his friends. He began his journey with ₹5,000 capital in 1985 when Sensex was 150, today his investment has grown to ₹40,000 crores and Sensex to 59,462.
He first made his profit on the stocks of Tata tea which he was able to sell at the 3 times the price he bought it. In the next few years. Rakesh Jhunjhunwala made a number of good profits from stocks. Between 1986-89, he earned Rs 20-25 lakhs. His next big investment was Sesa Goa, which he initially bought at Rs 28 and then increased his investment to Rs 35. Soon, the stock rallied to Rs 65.
2. What was the net worth of Jhunjhunwala?
One of the biggest questions that everybody is asking today. Well starting from just ₹5,000 in 1985, Mr. Junjhunwala was worth ₹40000 crores on the day he died.
3. What does his name Jhunjhunwala mean?
Many people find it funny about the Indian surnames including this one Jhunjhunwala which literally means that his ancestors belonged to Jhunjhunu in Rajasthan.
4. What are the portfolios of Mr. Jhunjhunwala?
A portfolio is a collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange-traded funds (ETFs). Over 37 years long career of investing Mr. Jhunjhunwala had an extensive investment portfolio from trading, banking, manufacturing, and even in an entertainment company
Mr.Junjunwala’s biggest investment portfolio was the Titan watch where he invested more than ₹ 7000 crores. He is on the board of directors of big companies like Prime Focus Ltd, Geojit BNP Paribas financial services, Praj Industries, Concord Biotech, etc. Rakesh Jhunjhunwala is also a movie producer. He has produced movies like ‘English-Vinglish’, ‘Shamitabh’, ‘Ki and Ka. He is the chairman of Hungama Digital media entertainment Pvt Ltd.
His latest venture was Akasa Air which is a low-cost budget airline and just flew its test flight a few weeks before Mr. Jhunjhunwala’s death.
5. What was his Stock Market Philosophy?
Rakesh Jhunjhunwala considered himself both a trader and a long-term investor. Furthermore, Rakesh Jhunjhunwala is extremely bullish on India’s growing economy and its success as an emerging market.
6. Controversies of Rakesh Jhunjhunwala:
No big businessman has made his/her name in the industry without some controversy. In the case of Mr.Jhunjhunwala, it was insider trading. Insider trading is the trading of a public company’s stock or other securities based on material, nonpublic information about the company.
As of January 28, 2020, Rakesh Jhunjhunwala was the subject of an inquiry for insider trading. After receiving a total payment of Rs 35 crore from Jhunjhunwala and his associates, the SEBI resolved the matter as of July 2021. Jhunjhunwala paid Rs 18 crore, while his wife contributed Rs 3.2 crore.
7. In Popular Media:
In the web series Scam 1992, actor Kavin Dave played a role based on him.
8. Philanthropic Activities:
Rakesh Jhunjhunwala was also a prominent philanthropist and had entered the Edelgive Hurun India Philanthropy list 2021 with an annual donation of Rs 50 crore, the Mint reported adding that the big bull donated approximately Rs 13.69 lakh per day. It said the big bull donated 25 percent of his annual income towards charitable work focused on the education sector.
9. Popular Quotes:
Some of the popular quotes from Mr. Junjunwala are:
“Risk is the essence of life. If you do not take risks you are nothing”.
“Where there is risk there is opportunity. There is the same sign in Chinese fro crisis and opportunity”.
“Market and Cooking cannot be taught. It has to be self-learned”.
Often referred to as the Warren Buffet of India Mr. Jhunjhunwala has left quite a legacy for his followers and future investors of India.