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Breach Candy hospital CEO N Santhanam told The Indian Express that Jhunjhunwala was brought dead to the hospital at 6:45 am. According to a doctor, Jhunjhunwala was suffering from diabetes and a kidney ailment.
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. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Prime Minister Narendra Modi condoled his death. “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,” he wrote in a tweet.
Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences
— Nirmala Sitharaman (@nsitharaman) August 14, 2022
Union Finance Minister Nirmala Sitharam also expressed her condolences at Jhunjhunwala’s passing. “Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right,” she wrote on Twitter.
Jhunjhunwala, who was popularly known as India’s Warren Buffett, had an estimated net worth of more than $5 billion, according to Forbes. He was also included on the Forbes 2022 list.
Even though he had been keeping unwell for some time and was admitted to Breach Candy Hospital in July for a check-up, the investment fraternity expressed shock at his demise. While he was known as a risk taker, many feel that Jhunjhunwala inspired millions of retail investors through his positivity as he was always positive about the Indian economy and markets in the long term. A long-term investor holding several of his investments for more than a decade now, Jhunjhunwala was a true investor, say market participants.
Last week, Akasa Air, a low-cost airline backed by him, had commenced operations in India with its first flight taking off from Mumbai to Ahmedabad.
“For the culture of a company to be frugal you’ve to start off fresh,” Jhunjhunwala had said, amid concerns that the aviation market wasn’t as alluring as before. “I’m very, very bullish on India’s aviation sector in terms of demand.”
Jhunjhunwala had a 40 per cent stake in the airline and had onboarded aviation industry veterans such as former Jet Airways CEO Vinay Dube and ex-IndiGo President Aditya Ghosh to run the company.
He began investing in the stock market in the early 1980s and managed his portfolio through his asset management firm RARE Enterprises. Jhunjhunwala was a director at three firms — RARE Equity Private ltd, RARE Family Foundation and HOPE Film Makers, besides at five limited liability partnership firms.
A chartered accountant by training, he started his stock market investments with just Rs 5,000 in the mid-eighties, which grew to $5.8 billion (around Rs 46,000 crore), according to Forbes magazine. When he started dabbling in the stock market, his father, who was an official in the income tax department, told him not to ask him for money.
Jhunjhunwala was also the promoter of Star Health and Allied Insurance and he and his wife Rekha hold a 17.49 per cent stake in the company.
Some of the big investment holdings of Jhunjhunwala include Titan Company, where he along with his wife held 5.05 per cent. He also owns 1.09 per cent in Tata Motors and, along with his wife, holds 5.48 per cent in Crisil and 3.64 per cent in Federal Bank.
Speaking to The Indian Express, Nirmal Jain, founder and chairman of India Infoline said, “He had a heart of gold and a brain that understood markets than anyone else. His contribution to the markets is immense as he was very positive, a risk-taker, clear-minded and inspired investors whether retail or HNI. He was a very dear friend and we will miss him always.”
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