India's 'Warren Buffett' Rakesh Jhunjhunwala dies at 62
Mumbai(PTI): Veteran stock market investor Rakesh Jhunjhunwala, often referred to as India's Warren Buffett and whose net worth was USD 5.8 billion, died here on Sunday morning.
He was 62.
Jhunjhunwala died early in the morning due to a cardiac arrest, a source in his newly set up airline said.
Often referred to as 'India's Warren Buffett' and the Big Bull of Indian markets, Jhunjhunwala's net worth was USD 5.8 billion, according to Forbes.
Starting off his journey in stock markets while still in college with a capital of just Rs 5,000, he recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air -- India's newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.
An investor with Midas touch, Jhunjhunwala was the 48th richest man in the country.
A chartered accountant by education, he chose Dalal Street instead of auditing accounts. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors.
Overall, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.
He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay, where his father worked as a commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. In three years, he earned Rs 20-25 lakh.
When Jhunjhunwala entered the stock market, the Sensex was at 150 points.
His privately owned stock trading firm Rare Enterprises derived its name from the first two initials of his name and his wife Rekha, who is also a stock market investor.
Prime Minister Narendra Modi expressed grief over Jhunjhunwala's death.
"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," he tweeted.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Anna University student suicide case: Five held
Tiruchirappalli (PTI): Five people have been arrested in connection with the death of the Anna University student, who jumped in front of a speeding train in Pudukottai district, police said on Tuesday.
The deceased, a third-year student from Virudhunagar district, was found dead on the railway track near Mandaiyur on the night of September 20 by the railway police, who later recovered a suicide note from his hostel room.
The student had, in the letter, alleged sexual assault, blackmail, and extortion by five men.
Following this, the police arrested the five suspects. A case has been registered, and further investigation is on.
