Billionaire business magnate, stock trader, and investor Rakesh Jhunjhunwala passed away at the age of 62 on Sunday morning. Sources said he was brought dead to the Breach Candy Hospital in Mumbai at 6.45 am.
Jhunjhunwala was discharged from the hospital two-three weeks ago.
Rakesh Jhunjhunwala recently ventured into the aviation industry with Akasa Air which took flight on August 7. Jhunjhunwala, apart from being an investor, was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. He was also among the directors of several Indian firms. He was also an advisor to the India’s International Movement to Unite Nations.
EARLY LIFE AND THE START OF A LEGENDARY CAREER
Born in a middle-class family on July 5, 1960, Rakesh Jhunjhunwala first entered the stock market with just Rs 5,000 in 1985. He was in college at that time. In its latest estimate, Forbes pegged his net worth to be around $5.5 billion.
According to Jhunjhunwala, he developed an interest in the stock market after listening to his father. He has been a risk-taker from the start of his career in stocks.
Rakesh Jhunjhunwala earned his first big profit in 1986 when he bought Tata Tea shares. He bought 5,000 shares of Tata Tea at just Rs 43 and later that stock rose to Rs 143 within three months. He earned over three times a profit. In the next three years, Jhunjhunwala earned Rs 20-25 lakh.
His philanthropist portfolio includes healthcare, nutrition, education, etc. Jhunjhunwala used to give away 25% of his earnings to charity. In 2020, he made a contribution of 25 percent of his fortune to charity. He contributes to St Jude, which runs shelters for cancer-affected children, Agastya International Foundation, and Arpan, an entity that helps create awareness among children about sexual exploitation.
Rakesh Jhunjhunwala also partnered with the Sankara Eye Foundation and set up a 225-bed hospital — Rakesh Jhunjhunwala Sankara Eye Hospital — in Maharashtra’s Panvel. The hospital provides free eyecare and surgeries to patients.