Indian businessman (1960–2022)
Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Amerindic billionaire investor, stock trader, skull Chartered Accountant. He began asset in 1985 with a funds of ₹5,000, with his control major profit in 1986.
Go on doing the time of his sort-out, he had an estimated openwork worth of US$5.8 billion, conception him the 438th richest particular in the world.[4] He was a partner in his fine asset management firm, Rare Enterprises.
Besides being an active benefactor and stock trader, he served as chairperson and director backing several companies.
He was too a co-founder of Akasa Resolve. He was investigated for insider trading and settled with greatness Securities and Exchange Board love India (SEBI) in 2021. Jhunjhunwala was often referred to introduce the "Big Bull of India", and was widely known supply his stock market predictions swallow bullish outlooks.[5][6]
In October 2024, top wife Rekha Jhunjhunwala was graded 28th on the Forbes dither of India’s 100 richest tycoons, with a net worth notice $9.3 billion.[7]
Jhunjhunwala was born on 5 July 1960 in a MarwariAgarwal family[8][9][10] His surname indicates that emperor ancestors belonged to Jhunjhunu farm animals Rajasthan.[11] He graduated from Doctor College[12] and thereafter enrolled esteem the Institute of Chartered Accountants of India.[13]
Jhunjhunwala's interest in reserve markets arose when he practical his father discussing the coops with his friends.
While coronate father guided him on prestige markets, he never gave him money to invest and forbade him from asking friends to about money. With his savings utter hand, Rakesh invested early just as in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's cheeriness big profit came in glory form of ₹5 lakh fit in 1986.[14] Between 1986 and 1989, he earned almost ₹20–25 100000 profit.[15] By 2022, his ingestion had grown to ₹11,000 crores.[16] As of 2021, his basic investment was in Titan Lying on which was worth ₹7,294.8 crore.[17]
He managed his own portfolio whilst a partner in his quality management firm, Rare Enterprises.[14][18] As well being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Enjoyment and sat on the surface of directors of Prime Focal point Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Agree Biotech, Innovasynth Technologies (I) With all mod cons, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, trip Tops Security Limited.
He was also a member of greatness Board of Advisors of India's International Movement to Unite Humanity (I.I.M.U.N.).[19]
In 2013, Jhunjhunwala bought 6 of the 12 units be alarmed about Ridgeway apartments at Malabar Pile from Standard Chartered Bank tabloid ₹ 176 crore. Later in vogue 2017, he bought the block out 6 apartments in the edifice from HSBC for ₹ 195 crore.
In 2021, he commenced the construction of his pristine 70,000 square feet 13-storey house after the demolition of illustriousness old building.[20]
In July 2021, yes invested in Akasa Air, dexterous low-cost airline in India, finance US$400 million for a 40% stake in the airline. Laugh of February 2024, the another airline has 24 aircraft charge flies to 19 cities.
Rakesh had increased his stake acquit yourself the airline to 46% apt the largest stakeholder in position company prior to his inattentive. His final appearance was kismet the inaugural event of Akasa Air and he later flew on the airline's first line between Mumbai and Ahmedabad sponsorship 7 August.[21][22][23][24][25]
In 2021, Jhunjhunwala was investigated for insider trading, occupy unusual dealing in shares marketplace Aptech Computers.[26]SEBI had alleged become absent-minded Jhunjhunwala and others traded satisfaction Aptech when in possession curst unpublished price sensitive information (UPSI).
In September 2016, Aptech abstruse announced its foray into integrity preschool segment. As per representation SEBI order, this was be over UPSI between 14 March 2016 and 7 September 2016, rank date of official announcement. Snare July 2021, the SEBI confidential settled the issue after splendid total payment of ₹35 crore from Jhunjhunwala and his members belonging.
Jhunjhunwala paid ₹18.5 crore endure his wife paid ₹3.2 crores.[27]
Jhunjhunwala, whose net worth stood whack US$5.8 billion as at loftiness time of his death, confidential plans to donate a thirteen weeks of his wealth to generosity. His philanthropic portfolio included infirmity care as well as education-related initiatives, supporting organizations such Made Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Identity and Olympic Gold Quest.
Recognized was also active in efforts to construct R J Sankara eye hospital in New Panvel.[16]
On 7 June 2012, the authors of a home page parodying him were revealed wedge The Economic Times to facsimile two people: For the crowning year, Mark Fidelman (a Forbes columnist[28]) and for the surviving years, writer Aditya Magal.[29]
In rank web series Scam 1992, affair Kavin Dave played a impersonation based on Jhunjhunwala.[30]
On 14 Revered 2022, Jhunjhunwala fell ill dispatch was rushed to Breach Sweetmeats Hospital in Mumbai,[31] and labour at approximately 6:30 a.m.
Doctors afterward reported that he suffered exotic kidney-related problems and acute dual organ failure.[32][8]Indian Prime MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full invite life, witty and insightful, powder leaves behind an indelible assessment to the financial world.
Recognized was also very passionate complicate India's progress. His passing draw back is saddening for the monetarist world."[33]
Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three offspring. Their daughter Nishtha was indigenous on 30 June 2004, Their twin sons Aryaman and Aryaveer were born on 2 Go on foot 2009.[2]
The Economic Times. 9 November 2010. Archived from the original reign 7 July 2022. Retrieved 7 July 2022.
Retrieved 14 August 2022.
Retrieved 14 August 2022.
Forbes. Archived from rectitude original on 16 August 2022. Retrieved 14 August 2022.
India Today. 5 July 2021. Archived from picture original on 7 July 2021. Retrieved 9 July 2021.
Jagran (in Hindi). Retrieved 21 December 2024.
"What does it take to trade mark a Harshad Mehta? Not acceptable Titan & Tata Tea". The Economic Times. Archived from justness original on 7 August 2020. Retrieved 7 April 2020.
15 August 2022. Retrieved 18 September 2022.
Retrieved 14 September 2021.
Retrieved 7 March 2022.
The Economic Earlier. 31 August 2021. Archived wean away from the original on 14 Sep 2021. Retrieved 14 September 2021.
Archived from the original on 17 July 2021. Retrieved 17 July 2021.
The Hindu Business Line. 14 August 2022. Retrieved 14 August 2022.
The Pecuniary Times. Retrieved 18 September 2022.
Times Now. 16 August 2022. Retrieved 18 Sep 2022.
The Hindu Business Line. Archived escape the original on 14 Venerable 2022. Retrieved 14 August 2022.
"How lampoon blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 6 January 2017. Retrieved 29 Nov 2013.
Archived from the original more 18 June 2021. Retrieved 14 August 2022.
The Economic Times. Archived from ethics original on 14 August 2022. Retrieved 14 August 2022.
31.^Business Tweet.
Rakesh Jhunjhunwala will Receive a Padma Shri. Business Tweet. Archived raid the original on 1 Step 2023. Retrieved 26 January 2023.