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Rakesh Jhunjhunwala, Akasa Air Founder & ‘India’s Warren Buffett’, Dies at 62


AUGUST 14, 2022

Veteran stock market investor Rakesh Jhunjhunwala, often referred to as India’s Warren Buffett, died in Mumbai at 62. He was one of the co-founders of Akasa Air, a newly built airline company.

Jhunjhunwala died early this morning due to a cardiac arrest, a source in his newly set up airline said. Often referred to as ‘India’s Warren Buffett’ and the Big Bull of Indian markets, Jhunjhunwala’s net worth was about Rs 46,000 crore, according to Forbes.

He was recently seen at the launch of the airlines where he was seen in a wheelchair.

Here are some of the facts about the ace investor:

– He started off his journey in stock markets while still in college with a capital of just Rs 5,000. – He recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air — India’s newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.

– In the Forbes’ richest Indians list, he was at the 36th spot in 2021. This year, he was at the 438th spot globally. This year, he was the 48th richest man in the country.

– A chartered accountant by education, he chose Dalal Street instead of auditing accounts. In 1985, Jhunjhunwala invested Rs 5,000 as capital. that capital had inflated to Rs 11,000 crore. When he first entered the stock market, the Sensex was at 150 points.

– Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay, where his father worked as a Commissioner of Income Tax. – He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.

– Indian Prime Minister Narendra Modi expressed grief over Jhunjhunwala’s passing. He tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world.” – Sartorially speaking, he was not the dapper trader in finely cut suits and was mostly under-dressed. Most of his public appearances were simple trouser-shirt affairs, with some gutkha or paan (betel nut) as well in his mouth. – He was married to Rekha Jhunjunwala, who is also a stock market investor.

Courtesy/Source: News18