Jhunjhunwala is an Indian billionaire business magnate, stock trader and investor. As a partner in his asset management firm, Rare Enterprises, he managed his own portfolio. Jhunjhunwala’s father worked as a Commissioner of Income Tax in Bombay, and Jhunjhunwala grew up in a Rajasthani family.
|Born||5 July 1960|
Hyderabad, Andhra Pradesh, India
|Died||14 August 2022 (aged 62)|
Mumbai, Maharashtra, India
Despite his father’s wishes, Rakesh Jhunjhunwala began his trading career in 1985 with only Rs 5000 in his pockets.
Rakesh Jhunjhunwala, referred to as Big Bull or Indian Warren Buffet, was a big name in Indian stock market world. He had amassed enormous wealth, with a humble beginning of Rs 5000 in 1985, through stock market investment worhty over Rs 40000 crores.
Here are some glimpses of this great man’s life.
Rakesh Jhunjhunwala was born on 5 July, 1960 in a middle-class Marwari family. His father was an officer who collected taxes on people’s incomes. Since childhood, he was a curious child who had a keen interest in stock markets. He asked his father regularly about the stock market, like why it fluctuates. Jhunjhunwala enrolled at the Institute of Charter Accountants of India. He left after attaining the degree to pursue his passion in the stock market. He went to Dalal Street in order to trade stocks in Mumbai.
He finally started his career in the stock market with Rs 5000 in his pocket. Although his father didn’t support him in this domain. He got his first support from his brother’s client in exchange for promising greater returns. He married Rekha Jhunjhunwala on 22 February 1987 and had two sons and one daughter with this marriage. Jhunjhunwala always remained optimistic regarding India’s growth and development.
He played a big role in promoting an equitable culture in India. Jhunjhunwala built his empire worth Rs 40 crores and came in one of India’s richest men. Rakesh Jhunjhunwala’s life turned when Madhu Dhanwate’s budget, as finance minister in V.P Singh’s government, in 1989.The budget focused on promoting the business and private sector. Rakesh’s portfolio increased from Rs 2 crore to Rs 40-50 crore four-five months after the budget. Jhunjhunwala ran a stock trading firm called RARE Enterprises that was privately owned.
He has invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC , Aptech Limited, Ion Exchange, MCX, and Fortis Healthcare. He recently invested in a new airline company, Akasa Air ltd, which is his first venture in this domain.