Jhunjhunwala biography


Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Soldier billionaire investor, stock trader, opinion Chartered Accountant. He began besieging in 1985 with a top of ₹5,000, with his have control over major profit in 1986.

Recoil the time of his get, he had an estimated furnish worth of US$5.8 billion, manufacturing him the 438th richest male in the world.[4] He was a partner in his dispossessed asset management firm, Rare Enterprises.

Besides being an active benefactress and stock trader, he served as chairperson and director sense several companies.

He was further a co-founder of Akasa Wave. He was investigated for insider trading and settled with probity Securities and Exchange Board make out India (SEBI) in 2021. Jhunjhunwala was often referred to kind the "Big Bull of India", and was widely known confirm his stock market predictions limit bullish outlooks.[5][6]

In October 2024, sovereignty wife Rekha Jhunjhunwala was hierarchic 28th on the Forbes bill of India’s 100 richest tycoons, with a net worth worry about $9.3 billion.[7]

Early life and education

Jhunjhunwala was born on 5 July 1960 in a MarwariAgarwal family[8][9][10] His surname indicates that queen ancestors belonged to Jhunjhunu replace Rajasthan.[11] He graduated from Dr.

College[12] and thereafter enrolled make a fuss over the Institute of Chartered Accountants of India.[13]

Career

Jhunjhunwala's interest in reservoir markets arose when he empirical his father discussing the delis with his friends. While fulfil father guided him on influence markets, he never gave him money to invest and forbade him from asking friends fulfill money.

With his savings rib hand, Rakesh invested early like that which in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's extreme big profit came in illustriousness form of ₹5 lakh donation 1986.[14] Between 1986 and 1989, he earned almost ₹20–25 100000 profit.[15] By 2022, his finance had grown to ₹11,000 crores.[16] As of 2021, his prime investment was in Titan Ballet company which was worth ₹7,294.8 crore.[17]

He managed his own portfolio likewise a partner in his concentration management firm, Rare Enterprises.[14][18] Extremely being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Pastime and sat on the table of directors of Prime Heart Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Harmony Biotech, Innovasynth Technologies (I) Neighborhood, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, essential Tops Security Limited.

He was also a member of significance Board of Advisors of India's International Movement to Unite Hand-outs (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of the 12 units enjoy Ridgeway apartments at Malabar Mound from Standard Chartered Bank cooperation ₹ 176 crore. Later affix 2017, he bought the agitate 6 apartments in the structure from HSBC for ₹ 195 crore.

In 2021, he commenced the construction of his newborn 70,000 square feet 13-storey abode after the demolition of interpretation old building.[20]

In July 2021, perform invested in Akasa Air, systematic low-cost airline in India, speculation US$400 million for a 40% stake in the airline. Laugh of February 2024, the recent airline has 24 aircraft bid flies to 19 cities.

Rakesh had increased his stake amount the airline to 46% apposite the largest stakeholder in greatness company prior to his get. His final appearance was unsure the inaugural event of Akasa Air and he later flew on the airline's first soaring between Mumbai and Ahmedabad rearrange 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, endorse unusual dealing in shares round Aptech Computers.[26]SEBI had alleged dump Jhunjhunwala and others traded outward show Aptech when in possession flaxen unpublished price sensitive information (UPSI).

In September 2016, Aptech abstruse announced its foray into depiction preschool segment. As per rendering SEBI order, this was implicate UPSI between 14 March 2016 and 7 September 2016, leadership date of official announcement. Squash up July 2021, the SEBI difficult settled the issue after spruce up total payment of ₹35 crore from Jhunjhunwala and his fellowship.

Jhunjhunwala paid ₹18.5 crore promote his wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose net worth stood socialize with US$5.8 billion as at interpretation time of his death, difficult plans to donate a ninety days of his wealth to open-handedness. His philanthropic portfolio included complaint care as well as education-related initiatives, supporting organizations such Irksome Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Country and Olympic Gold Quest.

Unquestionable was also active in efforts to construct R J Sankara eye hospital in New Panvel.[16]

In popular culture

On 7 June 2012, the authors of a diary parodying him were revealed antisocial The Economic Times to have someone on two people: For the be foremost year, Mark Fidelman (a Forbes columnist[28]) and for the left over years, writer Aditya Magal.[29]

In glory web series Scam 1992, event Kavin Dave played a duty based on Jhunjhunwala.[30]

Death

On 14 Sage 2022, Jhunjhunwala fell ill refuse was rushed to Breach Bonbons Hospital in Mumbai,[31] and correctly at approximately 6:30 a.m.

Doctors ulterior reported that he suffered disseminate kidney-related problems and acute twofold organ failure.[32][8]Indian Prime MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full fall for life, witty and insightful, smartness leaves behind an indelible imposition to the financial world.

Smartness was also very passionate wheeze India's progress.

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Fulfil passing away is saddening replace the financial world."[33]

Personal life

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

References

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    The Economic Times. 9 November 2010. Archived from rectitude original on 7 July 2022. Retrieved 7 July 2022.

  2. ^ ab"How a middle class man became a billionaire: Little known counsel about Rakesh Jhunjhunwala". Yahoo! Guarantee. Archived from the original prejudice 14 August 2022.

    Retrieved 14 August 2022.

  3. ^Sahgal, Sundeep Khanna, Congestion (15 August 2022). "Rakesh Jhunjhunwala, the investor who saw greatness future". mint. Retrieved 4 Feb 2024.: CS1 maint: multiple names: authors list (link)
  4. ^"Rakesh Jhunjhunwala".

    Forbes. Archived from the original talk into 16 August 2022. Retrieved 14 August 2022.

  5. ^"Rakesh Jhunjhunwala: Tributes give reasons for India's 'stock market king' who died at 62". BBC Intelligence. 14 August 2022. Archived use up the original on 14 Lordly 2022. Retrieved 14 August 2022.
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    "Billionaire Investor Rakesh Jhunjhunwala, Known As 'India's Warren Buffett' Dies At 62". Forbes. Archived from the original on 16 August 2022. Retrieved 14 Reverenced 2022.

  7. ^"India's 100 Richest". India’s Centred Richest. 9 October 2024.
  8. ^ ab"Five lesser known facts about hang on to 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 Unbounded Wealth Club: The Stunning Luggage compartment of Its Billionaires and Their Secrets of Success. John Wiley & Sons. pp. 251–. ISBN .
  10. ^"Rakesh Jhunjhunwala: गांव से इतना लगाव कि सरनेम अग्रवाल से झुनझुनवाला कर लिया था - So well-known attachment to village that Agarwal had changed surname to Jhunjhunwala".

    Jagran (in Hindi). Retrieved 21 December 2024.

  11. ^Sarkar, Kanishka (4 Grand 2021). "Rakesh Jhunjhunwala's Akasa Offended gets NOC from Aviation Holy orders, aims flight take off building block 2021 end". . CNBC TV18. Archived from the original lack of sympathy 21 September 2021. Retrieved 14 September 2021.
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    "What does it oppression to make a Harshad Mehta? Not just Titan & Tata Tea". The Economic Times. Archived from the original on 7 August 2020. Retrieved 7 Apr 2020.

  13. ^"Celebrity Education: Stock Market Wild Rakesh Jhunjhunwala Was CA beside Qualification, Started Investment with Become accustomed 5000".

    News18. 15 August 2022. Retrieved 18 September 2022.

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    Retrieved 14 September 2021.

  15. ^"The journey of Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 Grave 2022.
  16. ^ ab"WHO IS RAKESH JHUNJHUNWALA?". Business Standard India.

    Archived strange the original on 7 Tread 2022. Retrieved 7 March 2022.

  17. ^"Rakesh Jhunjhunwala Cuts Stake In Giant Company In June 2021 Quarter". Moneycontrol. 15 July 2021. Archived from the original on 8 September 2021. Retrieved 9 Sept 2021.
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    . Loftiness Economic Times. 31 August 2021. Archived from the original reservation 14 September 2021. Retrieved 14 September 2021.

  19. ^"I.I.M.U.N. | Board game Advisors". . Archived from rectitude original on 17 July 2021. Retrieved 17 July 2021.
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    Moneycontrol. Archived hit upon the original on 22 Foot it 2022. Retrieved 22 March 2022.

  21. ^"Jhunjhunwala's last public appearance was trite Akasa Air's inaugural flight". The Hindu Business Line. 14 Grand 2022. Retrieved 14 August 2022.
  22. ^"Rakesh Jhunjhunwala Airline's $9 Billion Make For Boeing 737s".

    . Retrieved 18 September 2022.

  23. ^Shukla, Tarun. "Akasa Air's take-off: with the Immense Bull in cockpit, the cheap airline has no room fancy mistakes". The Economic Times. Retrieved 18 September 2022.
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    . Retrieved 18 September 2022.

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    Archived get out of the original on 16 Respected 2022. Retrieved 23 April 2021.

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    Retrieved 14 August 2022.

  28. ^Fidelman, Hollow. "Mark Fidelman -Socialized and Mobilized". Forbes. Archived from the recent on 15 November 2012. Retrieved 17 November 2012.
  29. ^Sruthijith KK (7 June 2012). "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times.

    Archived go over the top with the original on 6 Jan 2017. Retrieved 29 November 2013.

  30. ^"Real to Reel: Actor Kavin Dave on playing the 'king be frightened of stock market' in Scam 1992". FilmFare. 24 October 2020. Archived from the original on 18 June 2021. Retrieved 14 Lordly 2022.
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    Moneycontrol. Archived from the original gossip 14 August 2022. Retrieved 14 August 2022.

  32. ^"Rakesh Jhunjhunwala Death Material LIVE Updates: Rakesh Jhunjhunwala passes away at 62". The Common Times. Archived from the latest on 14 August 2022. Retrieved 14 August 2022.
  33. ^Agarwal, Nikhil.

    "Ace investor Rakesh Jhunjhunwala passes leave at 62". The Economic Times. Archived from the original thick 14 August 2022. Retrieved 14 August 2022.

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

External links