Ace investor Rakesh Jhunjhunwala, known as the 'Big Bull' of Dalal Street, passed away today at the age of 62 in Mumbai. He was suffering from multiple heath-related problems related to diabetes and kidney, according to sources.
Jhunjhunwala was taken to Breach Candy Hospital, where he was declared dead.
A self-made trader, investor and businessman, India's own Warren Buffett was the son of an income tax officer and is survived by his wife and three children.
His last public appearance was at the launch of the low-cost airline Akasa Air, in which Jhunjhunwala was a promoter a few days ago. The chartered accountant had not been keeping well for the last few months and was seen in a wheelchair at the public event.
With an estimated net worth of around $5.8 billion, Jhunjhunwala was the 36th richest billionaire in India, according to Forbes.
He was one of the rare market participants who could successfully handle both the worlds of trading and investing. Jhunjhunwala could do a 'le phataphat, de phataphat' as a trader and even sit on a gem like Titan for ages.
Market data shows Jhunjhunwala started picking Titan in 2015, and since then, his investment in the Tata stock has gone up to Rs 11,000 crore. He publicly owned 32 stocks.
The seasoned trader-cum-investor used to emphasise having realistic expectations. In media interviews, he had said that if one can make an 18 or 21 per cent return on their portfolio, they are no less than kings or emperors.
Jhunjhunwala was also a promoter of several companies like Star Health and Aptech Ltd ..His trading and investment firm Rare Enterprises derives its name from the first two initials of his name and his wife Rekha's name.
Prime Minister Narendra Modi, who met Jhunjhunwala and his wife last year, described him as a 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," Modi tweeted.
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