Rakesh Jhunjhunwala, an Indian millionaire businessman, dies at the age of 62.

Rakesh Jhunjhunwala, an Indian millionaire businessman, dies at the age of 62.

 

The “Big Bull” of Dalal Street and renowned investor Rakesh Jhunjhunwala has died at the age of 62, as per the sources.

The son of tax official and an self-made trader, investor, and businessman, India’s Warren Buffett is survived by his wife and three children.

A few days ago, Jhunjhunwala, who was a founder of the low-cost airline Akasa Air, launched it. This was his last public appearance. The charted accountant , who had been experiencing health issues in recent months, was spotted employing a wheelchair during the public gathering.

Jhunjhunwala took an interest in stock markets after hearing his father and his friends talking about them. While providing him with market guidance, his father never offered him any money to take a position as well as banned him from approaching acquaintances for loans. Rakesh began investing while still a university student because he had savings available. His investment, which he made in 1985 with Rs5,000, is now worth Rs11,000 crores.

First significant profit of 5 lakh in 1986 was made by Rakesh Jhunjhunwala. He made near Rs20–25 lakh in profit between 1986 and 1989.

His largest investment was within the Titan Company, which reached the valued of Rs7,294.8 crore in 2021.

Later in 2017, he paid HSBC bank Rs 195 crore to get the remaining 6 units in the building. After demolishing the previous structure, he started building a replacement 70000 square foot, 13-story mansion in 2021.

As of January 28, 2020, Rakesh Jhunjhunwala was the topic of an inquiry for insider trading. [19] After receiving a complete payment of 35 crore from Jhunjhunwala as well as his associates, the SEBI resolved the matter as of July 2021. Jhunjhunwala paid Rs15 crore, while his wife contributed Rs3.2 crore.

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