Rakesh Jhunjhunwala known as India's Warren Buffet passes away
Agencies | New Delhi
The Daily Tribune – www.newsofbahrain.com
Indian investor Rakesh Jhunjhunwala died on Sunday in Mumbai after an illness. Media reports say that he had been in and out of the hospital for a few days.
Jhunjhunwala was born on July 5, 1960 in a Rajasthani family. He grew up in Mumbai, where his father worked as a commissioner of Income Tax.
Here are some facts about the billionaire investor:
1. Rakesh Jhunjhunwala was 62 when he passed away. He is survived by his wife Rekha and two children.
2. He is known as the 'King of Bulls' in stock markets.
3. Jhunjhunwala's latest venture Akasa Air's maiden flight took off exactly a week ago on August 7
4. A Chartered Accountant (CA) by qualification and training, he graduated from Mumbai's Sydenham College in 1985 and enrolled at the Institute of Chartered Accountants of India.
5. The investor ran a privately-owned stock trading firm called RARE Enterprises. The enterprises derives its name from the first two letters of his name and that of his wife Rekha, who is also a stock market investor.
6. When asked why he wanted to start an airline at a time when aviation in country was not doing very well, he replied, "I'm prepared for failure".
7. Jhunjhunwala's journey in stocks started in college. He invested $100 in 1985 when the Bombay Stock Exchange Index was at 150; it now trades over 60,000.
8. Jhunjhunwala's net worth was $5.8 billion, according to Forbes. He was the 48th richest man in India.
9. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore, according to Times of India. He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs43 and the stock rose to Rs 143 within three months.
10. His portfolio includes companies such as Star Health, Titan, Rallis India, Escorts, Canara Bank and Tata Motors among others. Overall, he had stake in 47 companies at the end of the June quarter.