Stock investor Rakesh Jhunjhunwala, dubbed “India’s Warren Buffett” with an estimated net worth of US$6 billion, died early yesterday at age 62, his family said.
A chartered accountant by profession from the western state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage a stock trading firm, RARE Enterprises Pvt Ltd.
“Rakesh-ji passed away surrounded by his family and close aides,” a family member told Reuters, using a term for respect.
Photo: Reuters
The cause of death was not immediately announced.
The promoter of India’s newest airline, ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.
Jhunjhunwala’s excellent communication skills helped small 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 insights on the economy made him a popular TV celebrity.
Jhunjhunwala’s bets include a number of companies run by Tata Group, one of India’s largest conglomerates. They include Tata Motors Ltd, watchmaker Titan Co Ltd, Tata Communications Ltd and Indian Hotels Co, which runs the Taj hotel brand.
Other investments include Indiabulls Housing Finance Ltd, Star Health and Allied Insurance Co Ltd and Federal Bank Ltd.
Major politicians and business leaders mourned his death on social media.
“Rakesh Jhunjhunwala was indomitable,” Indian Prime Minister Narendra Modi wrote on Twitter. “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.”
Uday Kotak, chief executive of Kotak Mahindra Bank Ltd and a friend from school days, said Jhunjhunwala had “believed stock India was undervalued,” and was right.
“Amazingly sharp in understanding financial markets,” Kotak wrote on Twitter. “Will miss you Rakesh!”
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