One of the most successful investors of India, Rakesh Jhunjhunwala, left the world on August 14. The news came as a shock for many. He was just 62.
As per media reports, he was brought to the Breach Candy Hospital at 6:45 am and was declared dead. He was suffering from multiple health issues including kidney ailments.
There had been speculations about his poor health in the last few days. Last week, he appeared in an interview with CNBC-TV18 in which he looked visibly frail.
Jhunjhunwala has left a legacy behind. A perpetual believer of India story, he was always bullish about the country because of the immense opportunities. He had also been vocal about the reforms initiated by the government which he believed will not only facilitate India's growth at present, but will open several new opportunities in future also.
What made Jhunjhunwala so special?
As reported widely by media houses, Jhunjhunwala's net worth was $5.8 billion, as of August 2022. He invested via his firm Rare Enterprises.
Jhunjhunwala started his investing journey with $100 in 1985 when the Bombay Stock Exchange Index was at 150.
Jhujhunwala's success can be attributed to his acumen for spotting value stocks at their early stages.
"His ability to spot deep value stocks at very early stage and also to assess turnaround stories successfully brought him a great success. These skill sets are lessons to equity investors and even to professionals like us who are in markets for decades, said G. Chokkalingam, Founder & Head of Research, Equinomics Research & Advisory Private Ltd.
Tata Group's Titan Company has been his one of the most famous and valuable holdings.
Recently, he started a new, low-cost airline- Akasa.
Akasa began commercial operations this month with a maiden flight from Mumbai to the city of Ahmedabad. Jhunjhunwala had collaborated with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti," wrote Prime Minister Narendra Modi on Twitter.
Deepak Shenoy, founder and chief executive officer (CEO) of Capitalmind, in a tweet, wrote, “A trader, investor and legend that inspired many. He played the short and long side, and made his peace with the market. He will be remembered fondly. Condolences to his family."