Rakesh Jhunjhunwala

Jhunjhunwala was born on 5 July 1960 in a Marwari Agarwal family{{Cite news |date=5 July 2021 |title=Five lesser known facts about stock market expert Rakesh Jhunjhunwala |language=en |work=India Today |url=https://www.indiatoday.in/business/story/birthday-special-rakesh-jhunjhunwala-5-lesser-known-facts-about-him-1824019-2021-07-05 |url-status=live |access-date=9 July 2021 |archive-url=https://web.archive.org/web/20210707164350/https://www.indiatoday.in/business/story/birthday-special-rakesh-jhunjhunwala-5-lesser-known-facts-about-him-1824019-2021-07-05 |archive-date=7 July 2021}}{{Cite book |last=Geoff Hiscock |url=https://books.google.com/books?id=YiLBD_IpgIkC&pg=PA251 |title=India's Global Wealth Club: The Stunning Rise of Its Billionaires and Their Secrets of Success |date=2008 |publisher=John Wiley & Sons |isbn=978-0-470-82238-8 |pages=251–}}{{Cite web |title=Rakesh Jhunjhunwala: गांव से इतना लगाव कि सरनेम अग्रवाल से झुनझुनवाला कर लिया था - So much attachment to village that Agarwal had changed surname to Jhunjhunwala |url=https://www.jagran.com/rajasthan/jaipur-so-much-attachment-to-village-that-agarwal-had-changed-surname-to-jhunjhunwala-22981083.html |access-date=2024-12-21 |website=Jagran |language=hi}} His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan.{{Cite news |last=Sarkar |first=Kanishka |date=4 August 2021 |title=Rakesh Jhunjhunwala's Akasa Air gets NOC from Aviation Ministry, aims flight take off by 2021 end |language=en |work=www.cnbctv18.com |publisher=CNBC TV18 |url=https://www.cnbctv18.com/aviation/rakesh-jhunjhunwala-promoted-akasa-air-gets-noc-from-civil-aviation-ministry-dgca-10247271.htm |url-status=live |access-date=14 September 2021 |archive-url=https://web.archive.org/web/20210921023233/https://www.cnbctv18.com/aviation/rakesh-jhunjhunwala-promoted-akasa-air-gets-noc-from-civil-aviation-ministry-dgca-10247271.htm |archive-date=21 September 2021}} He graduated from Sydenham College{{Cite news |last=Nagar |first=Anupam |date=13 December 2019 |title=What does it take to make a Harshad Mehta? Not just Titan & Tata Tea |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/what-does-it-take-to-make-a-rakesh-jhunjhunwala-not-just-titan-tata-tea/articleshow/72509899.cms |url-status=live |access-date=7 April 2020 |archive-url=https://web.archive.org/web/20200807044559/https://economictimes.indiatimes.com/markets/stocks/news/what-does-it-take-to-make-a-rakesh-jhunjhunwala-not-just-titan-tata-tea/articleshow/72509899.cms |archive-date=7 August 2020}} and thereafter enrolled at the Institute of Chartered Accountants of India.{{Cite web |date=2022-08-15 |title=Celebrity Education: Stock Market King Rakesh Jhunjhunwala Was CA by Qualification, Started Investment with Rs 5000 |url=https://www.news18.com/news/education-career/celebrity-education-stock-market-king-rakesh-jhunjhunwala-was-ca-by-qualification-started-investment-with-rs-5000-5753245.html |access-date=2022-09-18 |website=News18 |language=en}}

Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand, Rakesh invested early when in college. Beginning with {{INR}}5,000 capital in 1985, Jhunjhunwala's first big profit came in the form of {{INR}}5 lakh in 1986. Between 1986 and 1989, he earned almost {{INR}}20–25 lakh profit.{{Cite news |title=The journey of Rakesh Jhunjhunwala |work=The Economic Times |url=https://economictimes.indiatimes.com/opinion/interviews/the-journey-of-rakesh-jhunjhunwala/articleshow/5145756.cms |url-status=live |access-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814102747/https://economictimes.indiatimes.com/opinion/interviews/the-journey-of-rakesh-jhunjhunwala/articleshow/5145756.cms |archive-date=14 August 2022}} By 2022, his investment had grown to {{INR}}11,000 crores.{{Cite news |title=WHO IS RAKESH JHUNJHUNWALA? |work=Business Standard India |url=https://www.business-standard.com/about/who-is-rakesh-jhunjhunwala |url-status=live |access-date=7 March 2022 |archive-url=https://web.archive.org/web/20220307113341/https://www.business-standard.com/about/who-is-rakesh-jhunjhunwala |archive-date=7 March 2022}} As of 2021, his biggest investment was in Titan Company which was worth {{INR}}7,294.8 crore.{{Cite web |date=15 July 2021 |title=Rakesh Jhunjhunwala Cuts Stake In Titan Company In June 2021 Quarter |url=https://www.moneycontrol.com/news/business/markets/rakesh-jhunjhunwala-cuts-stake-in-titan-company-in-june-2021-quarter-7174401.html |url-status=live |archive-url=https://web.archive.org/web/20210908013939/https://www.moneycontrol.com/news/business/markets/rakesh-jhunjhunwala-cuts-stake-in-titan-company-in-june-2021-quarter-7174401.html |archive-date=8 September 2021 |access-date=9 September 2021 |website=Moneycontrol|language=en}}

He managed his own portfolio as a partner in his asset management firm, Rare Enterprises.{{Cite news |last=Jain |first=Surbhi |date=3 July 2021 |title=Rakesh Jhunjhunwala birthday today: Rs 5,000 investment to now Rs 34,000 cr; journey from 'bear' to 'big bull' |work=The Financial Express |url=https://www.financialexpress.com/market/rakesh-jhunjhunwala-birthday-from-rs-5000-investment-to-now-rs-34000-cr-journey-from-bear-to-big-bull/2283342/ |url-status=live |access-date=14 September 2021 |archive-url=https://web.archive.org/web/20210914161850/https://www.financialexpress.com/market/rakesh-jhunjhunwala-birthday-from-rs-5000-investment-to-now-rs-34000-cr-journey-from-bear-to-big-bull/2283342/ |archive-date=14 September 2021}}{{Cite news |date=31 August 2021 |title=Jhunjhunwala's Rare Enterprises to invest in Syska LED |language=en |work=ETRetail.com |publisher=The Economic Times |url=https://retail.economictimes.indiatimes.com/news/consumer-durables-and-information-technology/consumer-electronics/jhunjhunwalas-rare-enterprises-to-invest-in-syska-led/85791867 |url-status=live |access-date=14 September 2021 |archive-url=https://web.archive.org/web/20210914160656/https://retail.economictimes.indiatimes.com/news/consumer-durables-and-information-technology/consumer-electronics/jhunjhunwalas-rare-enterprises-to-invest-in-syska-led/85791867 |archive-date=14 September 2021}} Besides being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Entertainment and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited.

He was also a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).{{Cite web |title=I.I.M.U.N. {{!}} Board of Advisors |url=https://new.iimun.in/pages/BoA.html |url-status=live |archive-url=https://web.archive.org/web/20210717042250/https://new.iimun.in/pages/BoA.html |archive-date=17 July 2021 |access-date=17 July 2021 |website=new.iimun.in}}

In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered Bank for {{INR}} 176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC for {{INR}} 195 crore. In 2021, he commenced the construction of his new 70,000 square feet 13-storey home after the demolition of the old building.{{Cite web |title=How Rakesh Jhunjhunwala built his 13-floor home in Mumbai |url=https://www.moneycontrol.com/news/business/real-estate/how-rakesh-jhunjhunwala-built-his-new-13-storey-home-in-mumbai-8254991.html |url-status=live |archive-url=https://web.archive.org/web/20220322014130/https://www.moneycontrol.com/news/business/real-estate/how-rakesh-jhunjhunwala-built-his-new-13-storey-home-in-mumbai-8254991.html |archive-date=22 March 2022 |access-date=22 March 2022 |website=Moneycontrol |language=en}}

In July 2021, he invested in Akasa Air, a low-cost airline in India, investing {{currency|400|USD}} million for a 40% stake in the airline. As of February 2024, the new airline has 24 aircraft and flies to 19 cities. Rakesh had increased his stake in the airline to 46% becoming the largest stakeholder in the company prior to his death. His final appearance was at the inaugural event of Akasa Air and he later flew on the airline's first flight between Mumbai and Ahmedabad on 7 August.{{Cite web |title=Jhunjhunwala's last public appearance was at Akasa Air's inaugural flight |url=https://www.thehindubusinessline.com/news/jhunjhunwalas-last-public-appearance-was-at-akasa-airs-inaugural-flight/article65768064.ece |access-date=August 14, 2022 |website=The Hindu Business Line|date=14 August 2022 }}{{Cite web |title=Rakesh Jhunjhunwala Airline's $9 Billion Order For Boeing 737s |url=https://www.ndtv.com/india-news/akasa-boeing-737-max-rakesh-jhunjhunwala-akasa-air-backed-by-investor-rakesh-jhunjhunwala-orders-boeing-737-jets-2613194 |access-date=2022-09-18 |website=NDTV.com}}{{Cite news |last=Shukla |first=Tarun |title=Akasa Air's take-off: with the Big Bull in cockpit, the low-cost airline has no room for mistakes |work=The Economic Times |url=https://economictimes.indiatimes.com/prime/transportation/akasa-airs-take-off-with-the-big-bull-in-cockpit-the-low-cost-airline-has-no-room-for-mistakes/primearticleshow/85159473.cms |access-date=2022-09-18}}{{Cite web |last=Manish |first=Sai |date=2022-08-22 |title=Before his death, Jhunjhunwala & family became Akasa's biggest shareholders |url=https://www.business-standard.com/article/companies/before-death-rakesh-jhunjhunwala-family-became-akasa-air-biggest-shareholders-122082200250_1.html |access-date=2022-09-18 |website=www.business-standard.com |language=en}}{{Cite web |title=Rakesh Jhunjhunwala's demise unlikely to impact Akasa Air's business |url=https://www.timesnownews.com/business-economy/companies/rakesh-jhunjhunwalas-demise-unlikely-to-impact-akasa-air-business-article-93580292 |access-date=2022-09-18 |website=Times Now |date=16 August 2022 |language=en}}

Jhunjhunwala was known for his ability to identify potential growth sectors early. Beyond his investments in established companies, he had a keen interest in India's consumer-driven sectors like retail and technology. He believed that the expanding middle class would significantly boost domestic consumption, which guided many of his early investment decisions.{{cite web |title=The Success Story of Rakesh Jhunjhunwala: Lessons from India’s Big Bull |url=https://www.zerobizz.com/2025/01/the-success-story-of-rakesh-jhunjhunwala.html |website=ZeroBizz |date=January 2025 |access-date=30 September 2024 }}

In 2021, Jhunjhunwala was investigated for insider trading, for unusual dealing in shares of Aptech Computers.{{Cite web |title=SEBI sends Rakesh Jhunjhunwala, family notices in Aptech insider trading case: Report – Money Control |url=https://www.moneycontrol.com/news/business/sebi-sends-rakesh-jhunjhunwala-family-notices-in-aptech-insider-trading-case-report-5410721.html |url-status=live |archive-url=https://web.archive.org/web/20220816204607/https://www.moneycontrol.com/news/business/sebi-sends-rakesh-jhunjhunwala-family-notices-in-aptech-insider-trading-case-report-5410721.html |archive-date=16 August 2022 |access-date=23 April 2021}} SEBI had alleged that Jhunjhunwala and others traded in Aptech when in possession of unpublished price sensitive information (UPSI). In September 2016, Aptech had announced its foray into the preschool segment. As per the SEBI order, this was an UPSI between 14 March 2016 and 7 September 2016, the date of official announcement. In July 2021, the SEBI had settled the issue after a total payment of {{currency|35|INR}} crore from Jhunjhunwala and his associates. Jhunjhunwala paid {{INR|18.5}} crore and his wife paid {{INR|3.2}} crores.{{Cite news |title=SEBI settles insider trading case with Rakesh Jhunjhunwala |work=The Hindu Business Line |url=https://www.thehindubusinessline.com/markets/stock-markets/sebi-settles-insider-trading-case-with-rakesh-jhunjhunwala/article35329574.ece |url-status=live |access-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814105551/https://www.thehindubusinessline.com/markets/stock-markets/sebi-settles-insider-trading-case-with-rakesh-jhunjhunwala/article35329574.ece |archive-date=14 August 2022}}

Jhunjhunwala, whose net worth stood at {{currency|5.8|USD}} billion as at the time of his death, had plans to donate a quarter of his wealth to charity. His philanthropic portfolio included health care as well as education-related initiatives, supporting organizations such St Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Society and Olympic Gold Quest. He was also active in efforts to construct R J Sankara eye hospital in New Panvel.

On 7 June 2012, the authors of a blog parodying him were revealed by The Economic Times to be two people: For the first year, Mark Fidelman (a Forbes columnist{{Cite web |last=Fidelman |first=Mark |title=Mark Fidelman -Socialized and Mobilized |url=https://blogs.forbes.com/markfidelman/ |url-status=live |archive-url=https://web.archive.org/web/20121115010532/http://blogs.forbes.com/markfidelman/ |archive-date=15 November 2012 |access-date=17 November 2012 |website=Forbes}}) and for the remaining years, writer Aditya Magal.{{Cite news |last=Sruthijith KK |date=7 June 2012 |title=How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala |work=The Economic Times |url=http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/how-parody-blog-the-secret-journal-of-rakesh-jhunjhunwala-writer-aditya-magal-impressed-rakesh-jhunjhunwala/articleshow/13877181.cms?curpg=1 |url-status=live |access-date=29 November 2013 |archive-url=https://web.archive.org/web/20170106180730/http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/how-parody-blog-the-secret-journal-of-rakesh-jhunjhunwala-writer-aditya-magal-impressed-rakesh-jhunjhunwala/articleshow/13877181.cms?curpg=1 |archive-date=6 January 2017}}

In the web series Scam 1992, actor Kavin Dave played a role based on Jhunjhunwala.{{Cite web |date=24 October 2020 |title=Real to Reel: Actor Kavin Dave on playing the 'king of stock market' in Scam 1992 |url=https://filmfaremiddleeast.com/real-to-reel-actor-kavin-dave-on-playing-the-king-of-stock-market-in-scam-1992/ |url-status=live |archive-url=https://web.archive.org/web/20210618233606/https://filmfaremiddleeast.com/real-to-reel-actor-kavin-dave-on-playing-the-king-of-stock-market-in-scam-1992/ |archive-date=18 June 2021 |access-date=14 August 2022 |website=FilmFare}}

On 14 August 2022, Jhunjhunwala fell ill and was rushed to Breach Candy Hospital in Mumbai,{{Cite news |title=Big Bull Bows Out {{!}} Rakesh Jhunjhunwala passes away |language=en |work=Moneycontrol |url=https://www.moneycontrol.com/news/business/big-bull-bows-out-rakesh-jhunjhunwala-passes-away-9025051.html |url-status=live |access-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814044054/https://www.moneycontrol.com/news/business/big-bull-bows-out-rakesh-jhunjhunwala-passes-away-9025051.html |archive-date=14 August 2022}} and died at approximately 6:30 a.m. Doctors later reported that he suffered from kidney-related problems and acute multiple organ failure.{{Cite web |title=Rakesh Jhunjhunwala Death News LIVE Updates: Rakesh Jhunjhunwala passes away at 62 |url=https://economictimes.indiatimes.com/news/newsblogs/daily-news-and-latest-updates-live-14-august-2022/liveblog/93549317.cms |url-status=live |archive-url=https://web.archive.org/web/20220814014843/https://economictimes.indiatimes.com/news/newsblogs/daily-news-and-latest-updates-live-14-august-2022/liveblog/93549317.cms |archive-date=14 August 2022 |access-date=14 August 2022 |website=The Economic Times |language=en}} Indian Prime Minister Narendra Modi shared his condolences stating, "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 for the financial world."{{Cite news |last=Agarwal |first=Nikhil |title=Ace investor Rakesh Jhunjhunwala passes away at 62 |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/ace-investor-rakesh-jhunjhunwala-passes-away-at-62/articleshow/93551064.cms |url-status=live |access-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814035101/https://economictimes.indiatimes.com/markets/stocks/news/ace-investor-rakesh-jhunjhunwala-passes-away-at-62/articleshow/93551064.cms |archive-date=14 August 2022}} After Jhunjhunwala's death, he was posthumously awarded the Padma Shri, India's fourth-highest civilian award, in 2023.

Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three children. Their daughter Nishtha was born on 30 June 2004, Their twin sons Aryaman and Aryaveer were born on 2 March 2009.

{{Reflist}}

31.^Business Tweet. [https://www.business-tweet.com/business/rakesh-jhunjhunwala-will-receive-a-padma-shri/ Rakesh Jhunjhunwala will Receive a Padma Shri]. Business Tweet. [https://web.archive.org/web/20230301053710/https://www.business-tweet.com/business/rakesh-jhunjhunwala-will-receive-a-padma-shri/ Archived] from the original on 1 March 2023. Retrieved 26 January 2023.

• [https://www.wsj.com/articles/rakesh-jhunjhunwala-known-as-indias-warren-buffett-has-died-at-age-62-11660918869 Rakesh Jhunjhunwala, Known as India’s Warren Buffett, Has Died at Age 62]

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{{Padma Shri Award Recipients in Trade & Industry|state=collapsed}}

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Category:1960 births

Category:2022 deaths

Category:Indian accountants

Category:Indian billionaires

Category:Indian stock traders

Category:Indian investors

Category:Indian financial analysts

Category:Marwari people

Category:Businesspeople from Mumbai

Category:Businesspeople from Hyderabad, India

Category:People convicted of insider trading

Category:Recipients of the Padma Shri in trade and industry