The well-known Indian investor, Rakesh Jhunjhunwala, passed away on Sunday, 14th August, aged just 62. He took his last breath in Breach Candy Hospital, Mumbai.
The Big Bull of the Indian stock market had just turned 62 in July. The hospital staff informed CNBC-TV18 that he was suffering from kidney disease and ischemic heart disease. He passed away due to a cardiac arrest.
The ace investor had started out in 1985 with merely Rs. 5,000 ($60). Over the years, he managed to build a net worth of up to $5 billion (as of 2022). He was born to a middle-class family and showed an early interest in the stock market.
Prior to his death, the stock market king spoke on the Indian market, public sector banks, and digitization in India. He also added that the nation should thank Mukesh Ambani for it in a series of brief excerpts that were shared on Twitter. However, viewers could notice that Rakesh Jhujhunwala was gasping for breath. His speech was slow too and he spoke with gaps.
Following are some lesser-known facts about Rakesh Jhunjhunwala
1. His interest in the stock market came from listening to a conversation between his friends
It was actually a conversation between his friends that piqued his interest in the stock market. While his father did allow him to dabble in the stock market, he outrightly refused to offer money. He then went on to borrow money from his brother’s clients and promised a higher return on the money. When he purchased 5,000 shares of Tata Tea in 1986 for Rs. 43, he made his first significant profit. Within three months, this increased to Rs.143, generating a profit of three times that amount.
2. His portfolio
The equities in Jhunjhunwala’s portfolio have generated him dividend returns in the millions. He had shares of huge dividend-paying firms like Crisil and Titan.
3. He was also known to be big on donations
Last year, in the month of July, Rakesh Jhunjhunwala donated Rs. 50 crores. He emerged at the top of the new entrant’s list of ‘Edelgive Hurun India Philanthropy list’ 2021. His decision was that he would either pay 25% of his portfolio or Rs. 5,000 crores, whichever one was lesser.
4. He was a known foodie
He had a love for Indian street food, South Indian food, and Chinese cuisine. However, since he was born and brought up in Mumbai, his love for Pav Bhaji wasn’t any lesser. He even used to enjoy watching series during his time away from work.
5. He produced three Bollywood movies
He had a love for Bollywood and produced three Bollywood movies– English Vinglish, Shamitabh, and Ki & Ka. In 1999, he even started an entertainment company, Hungama Digital Media. Four other partners joined this venture with him. The company’s name changed to Hungama Digital Entertainment Pvt. Ltd. At the time of his death, he was the chairman of this company.