New Delhi: India’s ace broker-investor and founder of the recently-launched Akasa Air Rakesh Jhunjhunwala passed away at the age of 62 on Sunday. A number of people mourned the death of the big bull of the stock market over social media, including former Indian opener Virender Sehwag.
Virender Sehwag called it an end of an era. He tweeted, “End of an Era as the Big Bull of the Dalal Street , #RakeshJhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti.”
A Chartered Accountant by qualification and training, Rakesh Jhunjhunwala is survived by his wife Rekha and two children. Often referred to as the ‘King of Bulls’ in the stock markets, Jhunjhunwala’s latest venture Akasa Air’s maiden flight took off exactly a week ago on August 7, last Sunday.
Prime Minister Narendra Modi also sent his condolences to Jhunjhunwala’s family and admirers. He tweeted, “Rakesh Jhunjhunwala was 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.”
He had also shot into the limelight for his palace-like new residence coming up at Malabar Hill in south Mumbai, and had been on the board of several top companies.
Jhunjhunwala had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th richest man in India. Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Jhunjhunwala invested Rs 5,000 in the capital in 1985 which grew to Rs 11,000 crore by September 2018. The first big profit of Rakesh Jhunjhunwala was Rs 5 lakh in 1986. Between 1986 and 1989, he earned almost Rs 20-25 lakh profit.