The iconic investor of the Indian markets, Rakesh Jhunjhunwala today passed away at the age of 62. A Chartered Accountant by qualification and training, often referred to as the 'King of Bulls' in the stock markets, Jhunjhunwala's latest venture Akasa Air's maiden flight took off on August 7.
In the world of the stock market, Rakesh Jhunjhunwala is referred to as Big Bull, but interestingly, when he first began trading, he used to bet in the form of a Bear. During this time, Harshad Mehta was referred to as Big Bull.
Jhunjhunwala began investing in the stock market in 1985 with a portfolio of Rs 5,000 and went on to become India's largest stock market investor, increasing it to a worth Rs 11,000 crore.
The father of Big Bull worked as a tax officer. In an interview, Jhunjhunwala stated that his father used to explain how the stock market is affected by the news. In 1985, Jhunjhunwala made his first bet. With a small investment of just Rs 5,000, he began trading stocks. In the opening days, Jhunjhunwala sustained significant losses. However, in the stock market, the first success came from Tata tea. His investment in this business has tripled. In fact, Jhunjhunwala had paid Rs 43 for 5,000 shares in Tata Tea. He profited Rs 5 lakh from this stock in 1986.
Following the exposure of the Harshad Mehta scam, the stock market collapsed in 1992. During this time, Jhunjhunwala engaged in a lot of short-selling.
Fortis Healthcare, Aurobindo Pharma, Ion Exchange, Lupin, Geojit Financial Services, VIP Industries, Rallis India, Jubilant Life Sciences, and other companies were among his investments over the years. The recession of 2008 caused a decline in his portfolio, but by 2012 he had made up the losses. Jhunjhunwala was one of the wealthiest persons in the nation due to his business endeavors and portfolio.
Tricolor hoisted at Gurdwara Sahib in Indore: SGPC objected 'only Nishan Sahib can be hoisted here'
Launching Akasa Airline was Rakesh Jhunjhunwala's dream project. On various occasions, he has mentioned the launch of Akasa Air's flight services. Akasa took the inaugural flight between Mumbai and Ahmedabad on August 7 itself. Rakesh Jhunjhunwala, the airline's largest shareholder, passed away exactly 7 days after this.