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Investor and stockbroker Rakesh Jhunjhunwala passes away

Print edition : Aug 25, 2022 T+T-

Investor and stockbroker Rakesh Jhunjhunwala passes away

Rakesh Jhunjhunwala, a file photograph.

Rakesh Jhunjhunwala, a file photograph. | Photo Credit: SHAILESH ANDRADE/Reuters

He suffered a cardiac arrest in the early hours of August 14. He was 62.

Stockbroker and investor Rakesh Jhunjhunwala passed away after suffering a cardiac arrest during the early hours of August 14 in Mumbai. Known as the Big Bull of Dalal Street, Jhunjhunwala’s untimely death at 62 years has shocked the business community and is expected to have an adverse effect on the stock markets.

Jhunjhunwala was a respected trader who was popularly called India’s Warren Buffett and the man with the Midas touch. A self-made man, Jhunjhunwala’s steadfast belief in stock markets led him to become among India’s most wealthy individuals. Market experts say he was an inspiration to many and is credited with creating wealth for lakhs of investors. A recent report by Forbes magazine estimated that Jhunjhunwala was worth Rs.40,000 crore.

Diversifying his business interests, Jhunjhunwala had recently launched a new air carrier, Akasa Air. Operations began a week ago. Financial professionals who knew him say Jhunjhunwala was not just an astute businessman, but was generous with advice and had a larger-than-life personality that made him accessible and friendly in an otherwise cut-throat environment. His death will create a huge void in the financial sector.