Remembering Rakesh Jhunjhunwala: India’s ‘Warren Buffett’, Big Bull Of Stock Market – News18

Rakesh Jhunjhunwala Death Anniversary: On August 14, 2022 at the age of 62, Rakesh Jhunjhunwala, the renowned Indian market investor, passed away. Referred to as the ‘big bull’ of Dalal Street, he started with a portfolio of Rs 5,000 in 1985, and went on to establish himself as India’s most prominent stock market investor, expanding his portfolio to an impressive Rs 11,000 crore. His influence within the market was so significant that many believed that if Jhunjhunwala endorsed a stock, it was a wise investment move.

Jhunjhunwala was born in a middle-class family in Mumbai in 1960. His father was an income tax officer who also invested in the stock market. Jhunjhunwala was fascinated by the stock market from a young age and would often listen to his father’s discussions about it.

After graduating from college, Jhunjhunwala became a chartered accountant. However, his passion for the stock market never wavered. In 1985, he started investing with a small sum of money. He quickly learned the ropes and began to make profits.

Investor-billionaire Rakesh Jhunjhunwala died barely a week after Akasa, the newest budget air carrier in the market he had backed, took to the skies for the first time.

Reportedly, Jhunjhunwala was India’s 36th richest individual and was often revered by investors for his sharp and insightful market observations. His personal portfolio had stocks of 32 companies, with an estimated value of more than Rs 40,000 crore.

The publication of Sensex’s values by the Bombay Stock Exchange began just in 1986. At the time when Jhunjhunwala entered the market, the Sensex was below 500 points. This index serves as a widely-recognised gauge of India’s economic well-being. It tracks the progress and achievements of the country’s leading 30 companies spanning diverse industries.

While Jhunjhunwala’s first big profit came from Tata Tea in 1986, his biggest investment till date has been tipped to be that in Titan, which was worth over Rs 7,000 crore.

Besides these, over the years, his investments included Fortis Healthcare, Aurobindo Pharma, Ion Exchange, Lupin, Geojit Financial Services, VIP Industries, Rallis India, Jubilant Life Sciences and more.

Even as his portfolio saw a drop in the recession of 2008, he recovered the losses by 2012. Jhunjhunwala, with his ventures as an entrepreneur and his portfolio, was among the richest people in the country.

Jhunjhunwala’s latest stint as an investor and promoter was Akasa Air, which was launched in the second week of August in 2022.

He called it “not a low-cost airline “but a “frugal airline”. Shortly after the launch, even as Jhunjhunwala said he was ready for failure, he was confident of aviation stocks rising in the near future. Even as many remained cautious over the Indian markets amid a current global slowdown, Jhunjhunwala remained positive that Sensex and Nifty would continue to grow despite the challenges.

“I think the (domestic) stock markets will grow regardless of global developments,” he had said in an interview with CNBC-TV18 in 2022. He also added that the pace at which Dalal Street will grow will be a tad bit slower.

Jhunjhunwala was a value investor who believed in investing in companies with strong fundamentals. He is also remembered as India’s Warren Buffet.