In pics | Rakesh Jhunjhunwala's journey from Rs 5,000 to $ 5.5 billion and everything in between Rakesh Jhunjhunwala, who took the equity market to the masses, passed away in Mumbai early on August 14. He was not just all stocks, a Bollywood enthusiast, he financed several well-received films and was also involved in philanthropy as well, with focus on education
August 14, 2022 / 12:07 PM IST
Rakesh Jhunjhunwala began his career in the stock market with Rs 5,000 in 1985 and went on to become India’s biggest stock market investor. He was the 36th richest man India, with a net worth of $5.5 billion (as of July 2022). He was known as the “Big Bull of India” and the “King of Bull Market” and was keenly followed by millions for market insights.
He got interested in the stock market after listening to his father’s conversations with his friends, discussing the market. While his father Radheshyam Jhunjhunwala guided him, he never gave him financial aid. He borrowed money from his brother’s clients with a promise to return the capital with returns higher than those offered by bank fixed deposits. He earned his first big hit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 which rose to Rs 143 within three months, earning him a profit.
Jhunjhunwala successfully invested in Titan, CRISIL Sesa Goa, Nazara Technologies and Metro Brands, to name a few. While some of his bets were a big hit, he also had some misses like Dewan Housing Finance, Mandhana Retail and DB Realty. Last year in July, he topped the new entrant’s list of ‘Edelgive Hurun India Philanthropy 2021 list’, with an annual donation of Rs 50 crore.
Not just the market, Jhunjhunwala was passionate about Bollywood as well. He financed films like the much-acclaimed ‘English Vinglish’, Shamitabh’, and ‘Ki & Ka’. He was the chairman of Hungama Digital Media Entertainment Pvt Ltd., which he started in 1999 as Hungama Digital Media with four partners.
Jhunjhunwala also ran a privately-owned stock trading firm called RARE Enterprises. He recently co-launched Akasa Air, a low-fare airline based in India, which started its commercial operation on August 7. Jhunjhunwala forayed into the aviation industry that has suffered losses due to the COVID-19 pandemic. When questioned about his plan to start an airline at such a time, Jhunjhunwala replied, “I say I’m prepared for failure.” (Image: CNBCTV18)