Rakhesh Jhunjhunwala having a 'Midas touch' investor, he was also known as 'India's Warren Buffet.'
Digital Desk: Rakesh Jhunjhunwala, a veteran and a billionaire investor, died early today (Sunday) morning. The investor with the Midas touch had been designated as "India's Warren Buffet."
He was a trader as well as a chartered accountant, and he was one of the wealthiest men in the country. Jhunjhunwala was also the chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. In 1985, Jhunjhunwala invested Rs 5,000. By September 2018, that capital had grown to Rs 11,000 crore.
How did Rakesh Jhunjhunwala become a billionaire investor? Check here.
Jhunjhunwala developed an interest in the stock market after hearing his father and his friends talk about it. Jhunjhunwala cited his father as telling him to regularly read the newspaper because it was the news that affected the stock market.
According to sources, even though his father allowed him to engage in the stock market, he prevented him from asking friends for money and didn't offer any financial support.
He was well recognized for his stock market forecasts and upbeat outlooks, earning the nicknames "Big Bull of India" and "King of Bull Market."
Vinay Dubey, a former Jet Airways CEO, and Rakesh Jhunjhunwala launched Akasa Air, an airline based in India. As of August 9th, 2022, the airline will fly to 3 cities with a total of 70 additional aircraft on order.
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