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Rakesh Jhunjhunwala

From Wikipedia, the free encyclopedia

Rakesh Jhunjhunwala
Born(1960-07-05)5 July 1960
Hyderabad, Andhra Pradesh, India[1]
Died14 August 2022(2022-08-14) (aged 62)
Mumbai, Maharashtra, India
EducationChartered Accountant
Alma mater
Occupations
Spouse
Rekha Jhunjhunwala
​
(m. 1987)​
[2]
Children3
AwardsPadma Shri (2023; posthumously)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Indian billionaire investor, stock trader, and Chartered Accountant. He began investing in 1985 with a capital of ₹5,000, with his first major profit in 1986. At the time of his death, he had an estimated net worth of US$5.8 billion, making him the 438th richest person in the world.[4] He was a partner in his own asset management firm, Rare Enterprises.

Besides being an active investor and stock trader, he served as chairperson and director for several companies. He was also a co-founder of Akasa Air. He was investigated for insider trading and settled with the Securities and Exchange Board of India (SEBI) in 2021. Jhunjhunwala was often referred to as the "Big Bull of India", and was widely known for his stock market predictions and bullish outlooks.[5][6]

In October 2024, his wife Rekha Jhunjhunwala was ranked 28th on the Forbes list of India’s 100 richest tycoons, with a net worth of $9.3 billion.[7]

Early life and education

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Jhunjhunwala was born on 5 July 1960 in a Marwadi family[8][9] His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan.[10] He graduated from Sydenham College[11] and thereafter enrolled at the Institute of Chartered Accountants of India.[12]

Career

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Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand, Rakesh invested early when in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's first big profit came in the form of ₹5 lakh in 1986.[13] Between 1986 and 1989, he earned almost ₹20–25 lakh profit.[14] By 2022, his investment had grown to ₹11,000 crores.[15] As of 2021, his biggest investment was in Titan Company which was worth ₹7,294.8 crore.[16]

He managed his own portfolio as a partner in his asset management firm, Rare Enterprises.[13][17] Besides being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Entertainment and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited. He was also a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).[18]

In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered Bank for ₹ 176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC for ₹ 195 crore. In 2021, he commenced the construction of his new 70,000 square feet 13-storey home after the demolition of the old building.[19]

In July 2021, he invested in Akasa Air, a low-cost airline in India, investing US$400 million for a 40% stake in the airline. As of February 2024, the new airline has 24 aircraft and flies to 19 cities. Rakesh had increased his stake in the airline to 46% becoming the largest stakeholder in the company prior to his death. His final appearance was at the inaugural event of Akasa Air and he later flew on the airline's first flight between Mumbai and Ahmedabad on 7 August.[20][21][22][23][24]

Controversy

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In 2021, Jhunjhunwala was investigated for insider trading, for unusual dealing in shares of Aptech Computers.[25] SEBI had alleged that Jhunjhunwala and others traded in Aptech when in possession of unpublished price sensitive information (UPSI). In September 2016, Aptech had announced its foray into the preschool segment. As per the SEBI order, this was an UPSI between 14 March 2016 and 7 September 2016, the date of official announcement. In July 2021, the SEBI had settled the issue after a total payment of ₹35 crore from Jhunjhunwala and his associates. Jhunjhunwala paid ₹18.5 crore and his wife paid ₹3.2 crores.[26]

Philanthropy

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Jhunjhunwala, whose net worth stood at US$5.8 billion as at the time of his death, had plans to donate a quarter of his wealth to charity. His philanthropic portfolio included health care as well as education-related initiatives, supporting organizations such St Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Society and Olympic Gold Quest. He was also active in efforts to construct R J Sankara eye hospital in New Panvel.[15]

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On 7 June 2012, the authors of a blog parodying him were revealed by The Economic Times to be two people: For the first year, Mark Fidelman (a Forbes columnist[27]) and for the remaining years, writer Aditya Magal.[28]

In the web series Scam 1992, actor Kavin Dave played a role based on Jhunjhunwala.[29]

Death

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On 14 August 2022, Jhunjhunwala fell ill and was rushed to Breach Candy Hospital in Mumbai,[30] and died at approximately 6:30 a.m. Doctors later reported that he suffered from kidney-related problems and acute multiple organ failure.[31][8] Indian Prime Minister Narendra Modi shared his condolences stating, "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 for the financial world."[32]

Personal life

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Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three children. Their daughter Nishtha was born on 30 June 2004, Their twin sons Aryaman and Aryaveer were born on 2 March 2009.[2]

References

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  1. ^ "I am thinking of making a film: Rakesh Jhunjhunwala". The Economic Times. 9 November 2010. Archived from the original on 7 July 2022. Retrieved 7 July 2022.
  2. ^ a b "How a middle class man became a billionaire: Little known facts about Rakesh Jhunjhunwala". Yahoo! Finance. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  3. ^ Sahgal, Sundeep Khanna, Ram (15 August 2022). "Rakesh Jhunjhunwala, the investor who saw the future". mint. Retrieved 4 February 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  4. ^ "Rakesh Jhunjhunwala". Forbes. Archived from the original on 16 August 2022. Retrieved 14 August 2022.
  5. ^ "Rakesh Jhunjhunwala: Tributes for India's 'stock market king' who died at 62". BBC News. 14 August 2022. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  6. ^ Karmali, Naazneen. "Billionaire Investor Rakesh Jhunjhunwala, Known As 'India's Warren Buffett' Dies At 62". Forbes. Archived from the original on 16 August 2022. Retrieved 14 August 2022.
  7. ^ "India's 100 Richest". India’s 100 Richest. 9 October 2024.
  8. ^ a b "Five lesser known facts about stock market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Archived from the original on 7 July 2021. Retrieved 9 July 2021.
  9. ^ Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Rise of Its Billionaires and Their Secrets of Success. John Wiley & Sons. pp. 251–. ISBN 978-0-470-82238-8.
  10. ^ Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets NOC from Aviation Ministry, aims flight take off by 2021 end". www.cnbctv18.com. CNBC TV18. Archived from the original on 21 September 2021. Retrieved 14 September 2021.
  11. ^ Nagar, Anupam (13 December 2019). "What does it take to make a Harshad Mehta? Not just Titan & Tata Tea". The Economic Times. Archived from the original on 7 August 2020. Retrieved 7 April 2020.
  12. ^ "Celebrity Education: Stock Market King Rakesh Jhunjhunwala Was CA by Qualification, Started Investment with Rs 5000". News18. 15 August 2022. Retrieved 18 September 2022.
  13. ^ a b Jain, Surbhi (3 July 2021). "Rakesh Jhunjhunwala birthday today: Rs 5,000 investment to now Rs 34,000 cr; journey from 'bear' to 'big bull'". The Financial Express. Archived from the original on 14 September 2021. Retrieved 14 September 2021.
  14. ^ "The journey of Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  15. ^ a b "WHO IS RAKESH JHUNJHUNWALA?". Business Standard India. Archived from the original on 7 March 2022. Retrieved 7 March 2022.
  16. ^ "Rakesh Jhunjhunwala Cuts Stake In Titan Company In June 2021 Quarter". Moneycontrol. 15 July 2021. Archived from the original on 8 September 2021. Retrieved 9 September 2021.
  17. ^ "Jhunjhunwala's Rare Enterprises to invest in Syska LED". ETRetail.com. The Economic Times. 31 August 2021. Archived from the original on 14 September 2021. Retrieved 14 September 2021.
  18. ^ "I.I.M.U.N. | Board of Advisors". new.iimun.in. Archived from the original on 17 July 2021. Retrieved 17 July 2021.
  19. ^ "How Rakesh Jhunjhunwala built his 13-floor home in Mumbai". Moneycontrol. Archived from the original on 22 March 2022. Retrieved 22 March 2022.
  20. ^ "Jhunjhunwala's last public appearance was at Akasa Air's inaugural flight". The Hindu Business Line. 14 August 2022. Retrieved 14 August 2022.
  21. ^ "Rakesh Jhunjhunwala Airline's $9 Billion Order For Boeing 737s". NDTV.com. Retrieved 18 September 2022.
  22. ^ Shukla, Tarun. "Akasa Air's take-off: with the Big Bull in cockpit, the low-cost airline has no room for mistakes". The Economic Times. Retrieved 18 September 2022.
  23. ^ Manish, Sai (22 August 2022). "Before his death, Jhunjhunwala & family became Akasa's biggest shareholders". www.business-standard.com. Retrieved 18 September 2022.
  24. ^ "Rakesh Jhunjhunwala's demise unlikely to impact Akasa Air's business". Times Now. 16 August 2022. Retrieved 18 September 2022.
  25. ^ "SEBI sends Rakesh Jhunjhunwala, family notices in Aptech insider trading case: Report – Money Control". Archived from the original on 16 August 2022. Retrieved 23 April 2021.
  26. ^ "SEBI settles insider trading case with Rakesh Jhunjhunwala". The Hindu Business Line. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  27. ^ Fidelman, Mark. "Mark Fidelman -Socialized and Mobilized". Forbes. Archived from the original on 15 November 2012. Retrieved 17 November 2012.
  28. ^ Sruthijith KK (7 June 2012). "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 6 January 2017. Retrieved 29 November 2013.
  29. ^ "Real to Reel: Actor Kavin Dave on playing the 'king of stock market' in Scam 1992". FilmFare. 24 October 2020. Archived from the original on 18 June 2021. Retrieved 14 August 2022.
  30. ^ "Big Bull Bows Out | Rakesh Jhunjhunwala passes away". Moneycontrol. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  31. ^ "Rakesh Jhunjhunwala Death News LIVE Updates: Rakesh Jhunjhunwala passes away at 62". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  32. ^ Agarwal, Nikhil. "Ace investor Rakesh Jhunjhunwala passes away at 62". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.

31.^Business Tweet. Rakesh Jhunjhunwala will Receive a Padma Shri. Business Tweet. Archived from the original on 1 March 2023. Retrieved 26 January 2023.

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