The Big Bull of the stock market, Rakesh Jhunjhunwala, passed away today on Sunday at the age of 62. Mumbai’s Breach Candy Hospital confirmed Jhunjhunwala’s death at 6.45 am. On 7 August, he was seen in a wheel chair at the Mumbai airport during the launch of ‘Akasa Air’. He has a major stake in this airline.
Rakesh Jhunjhunwala Investment
Jhunjhunwala has investments in many companies. He is ranked 440th in the Forbes list of the world’s rich. His net worth is $ 5.8 billion that is about Rs 46 thousand crores. In such a situation, the question arises whether the airline will face difficulties due death of Jhunjhunwala? Who will take over his empire next?
Rakesh Jhunjhunwala is known as the Warren Buffet of India. He is one of the most successful investors in the country. Rakesh started investing in 1985 with Rs.5000. At that time the BSE index was at 150. He founded his own stock trading firm Rare Enterprises in 2003 at the behest of wife Rekha. In its name, he has put on the first two letters of the name of himself and his wife Rekha.
He did ‘Ra’ from Rakesh; ‘Re’ was included in the line. Rakesh made the right decisions, investing in potential multibaggers and tweaking the portfolio as per the need which made him the Big Bull of the stock market.
According to the information available on the exchanges, Rakesh Jhunjhunwala has 32 companies in the June quarter. These 32 companies include companies like Anant Raj, Tata Motors, Titan, Federal Bank, Nazara, Star Health.
Jhunjhunwala was once a bear in the stock market. He made huge profits through short selling in 1992 when the Harshad Mehta scam was exposed. There were several reputed cartels in the Indian stock market in the 1990s.
One such cartel was that of Manu Manek which was the Bear Cartel. This cartel was called Black Cobra and it was also followed by Radhakishan Damani and Jhunjhunwala. Journalist Sucheta Dalal exposed the scams of Harshad Mehta, after which the market crashed.
Rakesh Jhunjhunwala has invested $ 35 million or about Rs 278 crore in Akasa airline. He holds about 40% stake in this airline. He entered the airline business at a time when fuel prices are very high and many companies are struggling with problems.
However, on the launch of Akasa Air, he had said, ‘Many people have questions in their minds. Why did I start an airline? Instead of answering this question, I will just say that I am ready to fail. It is better to fail after trying than not to try.’
Apart from being an active investor, Jhunjhunwala was the chairman of Aptech Ltd and Hungama Digital Media Entertainment Pvt Ltd. Prime Focus Ltd, Geojit Financial Services, Bilcare Ltd, Praj Industries Ltd., Provogue India Ltd., Concorde Biotech Ltd., Innovasynth Technologies (I) Ltd., Mid Day Multimedia Ltd., Nagarjuna Construction Company Ltd., Viceroy Hotels Ltd. and Topps Security Ltd. He was also on the Board of Directors.
His Role Model
In an event of Confederation of Indian Industry, Rakesh Jhunjhunwala had said that his father was his first role model. His second role model was House of Tata. At the same time, he considered experienced investor and founder of DMart Radhakrishna Damani as his role model.
Who will handle their business?
Rakesh Jhunjhunwala has left behind a huge empire. He is survived by wife Rekha Jhunjhunwala, daughter Nishtha Jhunjhunwala, sons Aryaman and Aryaveer Jhunjhunwala. The total net worth of Rakesh Jhunjhunwala is around Rs 46 thousand crores.
Jhunjhunwala and his wife together hold over 40% in Akasa Air. He is also a promoter in Star Health Allied Insurance. In the June quarter, his stake in this was around 17.46%. In such a situation, now the full responsibility of handling this empire has come on his wife. She will now handle it along with her children. With the death of Jhunjhunwala, his airline and other business may now face big challenges.
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