Rakesh Jhunjhunwala
Rakesh Jhunjhunwala | |
|---|---|
| Born | Rakesh Radheyshyam Jhunjhunwala 5 July 1960 Mumbai, Maharashtra, India |
| Died | 14 August 2022 (aged 62) Mumbai, Maharashtra, India |
| Occupation(s) | Investor, stock market trader, Chartered Accountant |
| Years active | 1985–2022 |
| Known for | Indian billionaire investor, "Big Bull of India" |
| Notable work | Co-founder of Akasa Air; partner at Rare Enterprises |
Rakesh Radheyshyam Jhunjhunwala (5 July 1960 – 14 August 2022) was a prominent Indian billionaire investor, stock market trader, and Chartered Accountant. He embarked on his investment journey in 1985 with an initial amount of , securing his first notable gain in 1986. At the time of his passing, his estimated net worth was billion, placing him as the 438th wealthiest individual worldwide. He was a partner at Rare Enterprises, his asset management company.
Jhunjhunwala actively participated in investing and held positions as chairperson and director across multiple firms. He co-established Akasa Air and resolved an insider trading inquiry with the Securities and Exchange Board of India (SEBI) in 2021. Often referred to as the "Big Bull of India," he was well-known for his optimistic perspectives on the stock market. Posthumously in 2023, he was honored with the Padma Shri, India’s fourth-highest civilian accolade.
In October 2024, his spouse Rekha Jhunjhunwala was ranked 28th among Forbes' list of India’s top 100 wealthiest individuals, boasting a net worth of $9.3 billion.
Early life and education
Born on 5 July 1960 into a Marwari Agarwal family, Jhunjhunwala’s surname signifies ancestral origins from Jhunjhunu, Rajasthan. He completed his degree at Sydenham College and earned his Chartered Accountant qualification through the Institute of Chartered Accountants of India.
Career
Jhunjhunwala’s fascination with the stock market began during his youth, influenced by conversations with his father but without receiving financial backing. Starting with 5,000 in 1985, he achieved his first major profit of 5 lakh in 1986. By 1989, his earnings had climbed to approximately 20–25 lakh. Over time, his investment portfolio expanded considerably, reaching a valuation of 11,000 crores by 2022. As of 2021, his largest investment was in Titan Company, worth 7,294.8 crore.
He oversaw his investments via Rare Enterprises, his asset management firm. Jhunjhunwala also held leadership roles such as chairman of Aptech and Hungama Digital Media Entertainment, while serving on boards including Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited. Moreover, he acted as an advisor to India's International Movement to Unite Nations (I.I.M.U.N.).
In real estate ventures, he purchased all twelve units of Ridgeway apartments at Malabar Hill between 2013 and 2017 for a combined sum of 371 crore and initiated construction of a sprawling 70,000 square feet thirteen-story home in 2021.
In July 2021, Jhunjhunwala committed million to acquire a 40% ownership stake in Akasa Air, a budget Indian airline. By February 2024, Akasa Air operated a fleet of 24 aircraft serving 19 cities. Prior to his death, he increased his shareholding to 46%, making him the largest shareholder. His last public engagement was at Akasa Air’s launch event featuring its inaugural flight between Mumbai and Ahmedabad.
Renowned for spotting emerging growth sectors early on, Jhunjhunwala concentrated on consumer-centric industries such as retail and technology, capitalizing on India's growing middle-class demographic to inform many of his investment decisions.
Controversy
In 2021, Jhunjhunwala faced an investigation concerning insider trading due to irregular transactions involving Aptech Computers shares. The SEBI accused him of trading Aptech stock while holding unpublished price sensitive information (UPSI) related to the company’s expansion into the preschool sector, which was publicly disclosed in September 2016. The UPSI timeframe was identified as 14 March 2016 through 7 September 2016. By July 2021, SEBI resolved the matter after Jhunjhunwala and his associates paid a combined settlement of crore, with Jhunjhunwala himself contributing crore and his spouse paying crore.
Philanthropy
At the time of his passing, Jhunjhunwala’s estimated net worth stood at billion, with intentions to allocate 25% towards charitable causes. His philanthropic efforts primarily targeted health care and education, supporting institutions such as St. Jude India, Agastya International Foundation, Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. Additionally, he played a role in establishing the R J Sankara eye hospital located in New Panvel.
In popular culture
On 7 June 2012, The Economic Times disclosed that the satirical blog about Jhunjhunwala was initially created by Mark Fidelman, a Forbes columnist, before being taken over by writer Aditya Magal.
In the web series Scam 1992, actor Kavin Dave portrayed a character inspired by Jhunjhunwala.
Death
Jhunjhunwala became unwell on 14 August 2022 and was admitted to Breach Candy Hospital in Mumbai, where he passed away at approximately 6:30 a.m. Medical reports cited kidney complications and acute multiple organ failure as causes of death. Indian Prime Minister Narendra Modi offered condolences, emphasizing Jhunjhunwala’s profound influence on the financial industry and his dedication to India's development. In 2023, he received the Padma Shri, India’s fourth-highest civilian award, posthumously.
Personal life
Rakesh Jhunjhunwala wed Rekha Jhunjhunwala on 22 February 1987. The couple had three children: a daughter named Nishtha (born 30 June 2004) and twin sons Aryaman and Aryaveer (born 2 March 2009).