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Image Credit - Outlookindia
India's Warren Baffet and Bul of Dalal Street, Rakesh Jhunjhunwala Passes away on Sunday Morning.
According to the Sources the jhunjhunwala was admitted in Candy Beach Hospital at 6:45 in Morning and was Declared Death. He was Suffring from Multiple health Issues Related to the Kidney. and has been Discharged from hospital from few Weeks ago. They Said
He was last seen in Public on Launching of Akasa Air, Akasa air Launch Few days Ago the company of Airlines. Jhunjhunwala was the chairman of Hungama Media and Aptech, as well as the director of Viceroy Hotels, Concorde Biotech, Provogue India and Geojit Financial Services.
Jhunjhunwala started trying his hand at the stock market when he was in college. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive for the first time in Dalal Street. Jhunjhunwala had invested Rs 5,000 in capital in 1985. By September 2018, the capital had increased to Rs 11,000 crore.
In 1986, he made his first significant profit when he bought 5,000 shares of Tata Tea for Rs 43 and within three months the stock rose to Rs 143. He earned more than three times his own money. He earned Rs 20-25 lakh in three years.
But Jhunjhunwala was a risk taker right from the beginning. He borrowed money from his brother's clients with a promise to return it with higher returns than a bank fixed deposit.
After his father discussed the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read the newspapers regularly as it was the news that caused the volatility in the stock market. According to reports, her father allowed her to work in the stock market, but she refused to provide financial assistance and refused to ask for money from friends.
Narendra Modi Said on Death of Rakesh Jhunjhunwala -
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. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
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