Who is Rakesh Jhunjhunwala, Rakesh Jhunjhunwala's net worth, Who is the biggest investor in India (2024)

Rakesh Jhunjhunwala

About Rakesh Jhunjhunwala

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Rakesh Jhunjhunwala was an investor with a Midas touch. He died on August 14, 2022, in Mumbai at the age of 62. Jhunjhunwala was often referred to as India’s own Warren Buffet. He was a trader and also a chartered accountant. According to Forbes' Rich List, Jhunjhunwala was ranked the 36th richest man in the country. 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.

How Rakesh Jhunjhunwala became the Dalal street mogul

Jhunjhunwala had started dabbling with the stock market when he was in college. He was enrolled at the Institute of Chartered Accountants of India but after attaining the degree, he decided to plunge headlong into Dalal street. In 1985, Jhunjhunwala had invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.

Jhunjhunwala had developed an interest in the stock market after listening to his father discuss it with his friends. Jhunjhunwala had said that his father told him to read newspapers regularly as it was the news that made the stock market fluctuate. While his father allowed him to dabble in the stock market, he refused to give him financial aid and forbade him to ask friends for money.

But Jhunjhunwala was a risk-taker right from the start. He borrowed money from his brother’s clients and promised to return the capital with higher returns compared with bank fixed deposits.

He had 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. He had earned over three-times profit. In three years, he had earned 20-25 lakh.

Over the years, Jhunjhunwala successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.

After the 2008 global recession, his stock prices fell by 30% but he eventually recovered from the loss by 2012.

Rakesh Jhunjhunwala's personal life and education

Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai, where his father was posted as an Income Tax Officer. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India. He was married to Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala's investments

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He had invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc.

Rakesh Jhunjhunwala's net worth

Jhunjhunwala is ranked the 36th richest man in India, with a net worth of $5.8 billion, at the end of the FY23 June quarter.

Philanthropy

His philanthropic portfolio included nutrition and education. By the year 2020, Jhunjhunwala planned to give away 25 per cent of his wealth to charity. He had contributed to St Jude, which runs shelters for cancer-affected children, Agastya International Foundation, and Arpan, an entity that helps create awareness among children on sexual exploitation. He also supported Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. He was in the process of building an eye hospital in Navi Mumbai, which will perform 15,000 eye surgeries free of cost.