Rakesh Jhunjhunwala ‘has been an inspiration for wealth creation for millions’: Piyush Goyal

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Veteran investor Rakesh Jhunjhunwala, also known as the “Big Bull” of the Indian stock market, died Sunday morning at the age of 62. According to reports, he was brought dead to Breach Candy Hospital in Mumbai.

Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, in a post on Twitter, wrote: “Deeply distressed by the passing of veteran investor Rakesh Jhunjhunwala. He has been an inspiration for creating wealth for crores. My sincere condolences to his family, friends and admirers. Om Shanthi.

The cause of death was not immediately known. The ace investor hasn’t been doing well in recent days. The self-made businessman was the son of an income tax official and is survived by his wife – Rekha – and three children.

A chartered accountant by profession hailing from the desert state of Rajasthan, Jhunjhunwala first became interested in equities while in college and later ran a stock trading company, RARE Enterprises.

The promoter of the very new Indian airline, the very low-cost Akasa Air, Jhunjhunwala appeared a few days ago during its public launch. He is survived by his wife and three children.

Jhunjhunwala, 62, one of the richest people in the country, was a stock trader and chartered accountant. He was also the founder of India’s newest airline Akasa Air, which launched services in the Bengaluru-Kochi-Bengaluru sector from Cochin International Airport Limited (CIAL) on Friday August 12.

He had teamed up with former Jet Airways CEO Vinod Dube and former IndiGo director Aditya Ghosh to establish the airline.

He was also Chairman of Hungama Media and Aptech, as well as Director of Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services. His net worth was over $5.5 billion, according to Forbes. His other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.

Jhunjhunwala’s excellent communication skills helped retail investors understand the stock market, said businessmen and bankers based in India’s financial capital, Mumbai, who had interacted with him for more than 30 years. His knowledge of economics and business has made him a popular television celebrity.

Jhunjhunwala’s bets include a number of companies run by Tata Group, one of India’s largest conglomerates. These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which runs Taj hotels.

Also read: Big Bull Rakesh Jhunjhunwala dies at 62

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Also read: Death of Rakesh Jhunjhunwala: Investor-held portfolio of 32 shares worth Rs 30,000 crore



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