Rakesh Jhunjhunwala Biography: Death, Net Worth, Age, House, Investments, Family and other details

Rakesh Jhunjhunwala Biography: Veteran Stock Market investor Rakesh Jhunjhunwala passed away on August 14, 2022, at the age of 62 after suffering from kidney ailments. Reportedly, Rakesh Jhunjhunwala was undergoing dialysis on a regular basis as both his kidneys had failed. He was brought to the Candy Breach Hospital at 6.45 am and was declared dead. 

Rakesh Jhunjhunwala was an Indian billionaire, business magnate, stock trader, and investor who began investing in 1985 with a capital of Rs. 5,000 with his first major profit in 1986. At the time of his death, Jhunjhunwala had an estimated net worth of $5.8 billion which made him the 438th richest person in the world. 

Rakesh Jhunjhunwala, besides being an investor, had also served as the Chairperson and director for several companies and was also a founder of Akasa Air. He was also referred to as India's Warren Buffett or the 'Big Bull of India'. Rakesh Jhunjhunwala was widely known for his stock market predictions and bullish outlooks. 

Read more about Rakesh Jhunjhunwala net worth, family, early background, house, and other significant details. 

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. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7

— Narendra Modi (@narendramodi) August 14, 2022

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Rakesh Jhunjhunwala: Birth, Early Life

Rakesh Jhunjhunwala was born on July 5, 1960. He was born in a Rajasthani family and lived in Mumbai (then Bombay) for most of his early life. His surname indicates that his ancestors were born in the Jhunjhunu district of Rajasthan.  

Rakesh Jhunjhunwala's father was a Commissioner of Income Tax. He graduated from Sydenham College and then also enrolled at the Institute of Chartered Accounts of India. 

Rakesh Jhunjhunwala Career

Jhunjhunwala had an interest in the stock market since he had first observed his father talking about it with his friends. Although his father guided him in the field of stock markets, he never offered him any money to invest there. But Rakesh did not stop there and started investing in stock markets just when he started going to college. He invested his savings of 5000 rupees in 1985, which has given him a whopping return of INR 11,000 crores today. 

Jhunjhunwala did not just stop there. He was also the proud owner and chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt Ltd. 

He was also on the Board of directors of many companies like Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.

Profits: 

Rakesh Jhujjhunwala tasted his first profit in the year 1985. It was a small profit of 5 lakh (compared to today). It was between 1985-89 when he earned almost 25 lakh profit from his investments. Carried forward today, his biggest investment is in Titan Company which is more than 7000 crore rupees. 

His stakes were also in many private companies like Star Health Insurance, Metro Bands, Concord Biotech etc. 

Apart from his business partnerships, he was also a member of India's International Movement to Unite Nations (I.I.M.U.N.). He is one of the Board of Advisors there. 

Rakesh Jhunjhunwala Net Worth

Rakesh Jhunjhunwala was a business magnate who was known for his business skills and talent of identifying profitable investments. He began investing in the year 1985 with a capital of Rs. 5,000, with his first major profit coming in 1986.

At the time of his death, Rakesh Jhunkhunwala had an estimated net worth of $5.8 billion, making him the 438th richest person in the world. 

At one time, Rakesh Jhunjhunwala was also investigated for insider trading. As of July 2021, the Security Exchange Board of India (SEBI) had settled the issue after the total payment of Rs. 35 crores from Jhunjhunwala and his associates. At the time, Rakesh Jhunjhunwala paid Rs. 18.5 crores and his wife paid Rs. 3.5 crores. 

Rakesh Jhunjhunwala: Investments

As per a popular website money control, his net worth is approximately INR 29,644 crores and he also owns 35 company holdings. 

His major investments are in 

Construction and Contracting - 11%

Miscellaneous- 9%

Banks- Private Sector - 6%

Finance- General- 6%

Construction and Contracting Civil- 6%

Pharmaceuticals- 6%

Banks- Public Sector- 3%

Rakesh Jhunjhunwala: Wife, Family, Philanthropy details

Jhunjhunwala was married to Rekha Jhunjunwala, who is also a stock market investor. He has three children.

Jhunjhunwala was the 48th richest man in India, with a net worth of almost $3 billion. He contributed to St Jude, which runs shelters for cancer-affected children, Agastya International Foundation and Arpan, an entity that helps create awareness among children on sexual exploitation. He also supports Ashoka University, Friends of Tribals Society and Olympic Gold Quest.

Rakesh Jhunjhunwala has also had his share of controversies and SEBI inquiries. His name was mentioned in an insider trading scam as well. But it has not been proven yet.

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