Finance
Rakesh Jhunjhunwala Has Died: Rakesh Jhunjhunwala, a noted stock market investor, died on Sunday morning. He was 62 years old and had kidney problems. According to sources, he was regularly undergoing dialysis because both of his kidneys had failed. He was taken to Candy Breach Hospital at 6:45 a.m. and declared dead.
He was last seen in public at the launch of Akasa Air. He was both a trader and a chartered accountant & one of the richest men in the country.
Jhunjhunwala was also a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services, as well as the chairman of Hungama Media and Aptech.
Jhunjhunwala began dabbling in the stock market while in college. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to plunge into Dalal Street headfirst. In 1985, Jhunjhunwala invested Rs 5,000 in capital. By September 2018, the capital had grown to Rs 11,000 crore.
Jhunjhunwala became interested in the stock market after hearing his father discuss it with his friends. According to Jhunjhunwala, his father advised him to read newspapers on a regular basis because the news was what caused the stock market to fluctuate. According to reports, while his father allowed him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money.
Jhunjhunwala, on the other hand, was a risk-taker from the start. He borrowed money from his brother’s clients on the promise of higher returns than bank fixed deposits.
He made his first significant profit in 1986 when he purchased 5,000 shares of Tata Tea for Rs 43, and the stock rose to Rs 143 in three months. He made more than three times his initial investment. In three years, he earned between 20 and 25 lakh rupees.
Over the years, Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.
