Rakesh Radheyshyam Jhunjhunwala was an Indian billionaire investor, stock trader, and chartered accountant who lived from July 5, 1960, to August 14, 2022. He started investing in 1985 with ₹5,000 and made his first significant profit in 1986. He was the 438th richest person in the world at his death, with an estimated net worth of US$5.8 billion. He was a partner in Rare Enterprises, his own asset management company.
In addition to being a stock trader and active investor, he was a director and chair of several businesses and co-founded Akasa Air. In 2021, he settled with the Securities and Exchange Board of India (SEBI) after being the subject of an insider trading investigation. Known as the “Big Bull of India,” Jhunjhunwala was well-known for his optimistic outlook and stock market forecasts.
His wife, Rekha Jhunjhunwala, had a net worth of $9.3 billion and was placed 28th on Forbes’ list of the 100 richest tycoons in India in October 2024.
Rakesh Radheyshyam Jhunjhunwala was an Indian billionaire investor, stock trader, and Chartered Accountant. He began investing in 1985 with a capital of ₹5,000, with his first major profit in 1986.
Born: 5 July 1960, Hyderabad
Died: 14 August 2022 (age 62 years), Breach Candy Hospital Trust,Mumbai
Children: Nishta Jhunjhunwala
Spouse: Rekha Jhunjhunwala (m. 1987–2022)
Education: Sydenham College of Commerce and Economics
Siblings : Rajesh Jhunjhunwala, Raju Jhunjhunwala
Early life and education
Jhunjhunwala was born into a Marwadi family on July 5, 1960. According to his last name, his forefathers were from Rajasthan’s Jhunjhunu. After graduating from Sydenham College, he joined the Institute of Chartered Accountants of India.
Career
When Jhunjhunwala saw his father talking about the stock market with his friends, he became interested. Although his father gave him market advice, he never gave him money to invest and prohibited him from approaching acquaintances for financial assistance. Rakesh made his first investments while still in college using his savings. Jhunjhunwala started with ₹5,000 in 1985; in 1986, he made his first significant profit of ₹5 lakh. From 1986 to 1989, he made a profit of about ₹20 to 25 lakh. His investment had increased to ₹11,000 crores by 2022. His largest investment, valued at ₹7,294.8 crore as of 2021, was in Titan Company.
As a partner in his asset management company, Rare Enterprises, he oversaw his portfolio. In addition to his involvement in the stock market, Jhunjhunwala served as chairman of Aptech and Hungama Digital Media Entertainment and on the boards of Prime Focus Limited, Nagarjuna Construction Company, Viceroy Hotels, Tops Security Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, and Mid Day Multimedia Limited. Additionally, he was a member of the Indian International Movement to Unite Nations (I.I.M.U.N.) Board of Advisors.
For ₹176 million, Jhunjhunwala purchased six of the twelve Ridgeway apartments in Malabar Hill from Standard Chartered Bank in 2013. He paid ₹195 crore to HSBC for the remaining six units in the building later in 2017. After the old building was demolished, he started building his new 70,000-square-foot, 13-story mansion in 2021.
He made an investment of US$400 million for a 40% share in the Indian low-cost carrier Akasa Air in July 2021. The new airline flies to 19 destinations and has 24 aircraft as of February 2024. Before his passing, Rakesh had grown his ownership in the airline to 46%, making him the company’s largest shareholder. He made his last appearance at Akasa Air’s launch party, and on August 7, he took the airline’s first flight between Mumbai and Ahmedabad.
Controversy
Jhunjhunwala was the subject of an investigation in 2021 for insider trading and irregular dealing in Aptech Computers shares. When Jhunjhunwala and others got access to unpublished price-sensitive information (UPSI), SEBI accused them of trading in Aptech. Aptech announced its entry into the preschool market in September 2016. This was a UPSI from March 14, 2016, to September 7, 2016, the date of the official announcement, by the SEBI rule. After Jhunjhunwala and his associates paid a total of ₹35 million, the SEBI resolved the matter in July 2021. Jhunjhunwala and his spouse both contributed ₹18.5 crore and ₹3.2 crore.
Philanthropy
With a net worth of US$5.8 billion at the time of his passing, Jhunjhunwala intended to give a quarter of his fortune to charitable organisations. He supported organisations including St Jude, the Agastya International Foundation, Ashoka University, the Friends of Tribals Society, and Olympic Gold Quest as part of his charitable portfolio, which also covered health care and education-related projects. Additionally, he actively participated in the construction of the R J Sankara Eye Hospital in New Panvel.
In popular culture
The Economic Times disclosed on June 7, 2012, that the writers of a blog that parodied him were two individuals: Aditya Magal, a writer for the subsequent years, and Mark Fidelman, a Forbes columnist for the first year.
Actor Kavin Dave portrayed Jhunjhunwala in the online series Scam 1992.
Death
Jhunjhunwala became ill on August 14, 2022, and was sent to Breach Candy Hospital in Mumbai. He passed away at around 6:30 a.m. According to later reports from doctors, he experienced acute multiple organ failure and kidney-related issues. In his sympathy message, Indian Prime Minister Narendra Modi said, “Rakesh Jhunjhunwala was unstoppable.” He makes a lasting impact on the financial industry and is full of life, humour, and wisdom. He also had a strong interest in the advancement of India. The financial community is saddened by his departure.
Personal life
On February 22, 1987, Rakesh Jhunjhunwala wed Rekha Jhunjhunwala. Three kids were born to the couple. On June 30, 2004, their daughter Nishtha was born. On March 2, 2009, their twin sons, Aryaman and Aryaveer, were born.
Rakesh Jhunjhunwala is the founder of Rare Enterprises. He is a well-known equities investor in India. Mr Jhunjhunwala belongs to a group of investors who have amassed riches through meticulous stock selection, perseverance, and confidence. Among India’s successful investors, Mr Jhunjhunwala is one of the few who has shared his knowledge of successful investment with the general public through publications, interviews, and presentations.
Mr Jhunjhunwala’s investment principles were predicated on addressable potential, competitive ability, operating leverage and scalability, and management integrity. He is also well-known for his trading abilities, and he feels that trend is his buddy. He has learnt not to preempt trends. He also realised that investment has a four-letter word associated with it: RISK.
As an investor, he values markets and believes that they are never incorrect. Markets are the foundations and temples of capitalism. As an investor, he never concludes any of his opinions without acknowledging that he may always be wrong, reminding him that the market is always correct.
Mr Jhunjhunwala, a long-term investor, is credited with recognising equities early on, believing in his investments, being patient, and having the conviction to keep them for lengthy periods. For him, the price at which you buy is equally or more significant than the item itself.