Rakesh Jhunjhunwala, known as India's best-known stock investor and his country's Warren Buffett, passed away on August 14, 2022, at the age of 62.
Jhunjhunwala announced at the beginning of August 2022 that it had entered the market with the low-cost airline Akasa Air. It was noteworthy that Jhunjhunwala gave a weak appearance while promoting the company. The cause of death of the famous businessman is not yet known.
American billionaire Warren Buffett, whom Jhunjhunwala is likened to, is considered one of the most successful investors of the 20th century.
HE WAS SHAREHOLDERS IN NEARLY 30 COMPANIES
Jhunjhunwala left behind his wife and three children. The famous businessman owned shares in nearly thirty companies based in India.
“All I know is trading and investing,” Jhunjhunwala told Reuters ten years ago. I don't want to do anything else in life. I will resign the day I die,” he said.
In an interview with CNBC-TV18 on Monday, Jhunjhunwala said that the Indian economy, the third largest economy in Asia, is "entering a golden age" and expressed hope that other Indians will be as optimistic as he was.
Jhunjhunwala was a big supporter of Indian Prime Minister Narendra Modi.
NET WEALTH IS 6 BILLION DOLLARS
The businessman became a television celebrity over time, thanks to his views on the economy and companies.
Born in Rajasthan, India, Jhunjhunwala has a net worth of $6 billion, according to Forbes.
Jhunjhunwala made his first big profit by borrowing 5,000 shares of Tata Tea. The businessman had tripled his money within months. He then made larger investments in the late 1980s, including a leveraged bet in iron ore exporter Sesa Goa. Jhunjhunwala bought the said share for 60 to 65 rupees and sold it for 2,200 rupees.
Jhunjhunwala's investments include many companies of Tata Group, including Tata Motors, Titan, Tata Communications.
Indian Finance Minister Nirmala Sitharaman described Jhunjhunwala on Twitter as "a leader in himself" and said "He had a strong belief in India's power and capabilities".