Low-cost carrier Akasa Air, which is backed by Rakesh Jhunjhunwala, was inaugurated on August 7.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. Overall, he had stake in 47 companies at the end of June quarter.
He has holding in around 19 companies, including Tata Communications, Titan Company, Bilcare, Va Tech Wabagh, Federal Bank, Aptech.
Born on July 5, 1960, Rakesh Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
Rakesh Jhunjhunwala entered the stock market with just Rs 5,000 in 1985. At that time, Sensex was at 150 points.
Prime Minister Narendra Modi expressed grief over Jhunjhunwala's passing. He tweeted, "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."
Condoling the demise of the Big Bull, Nirmal Jain, founder of IIFL Group said, "He understood the markets better than anyone else. He took risks and contributed immensely to the capital markets. Transparent in his behaviour, he spoke from his heart. Whenever you met him, he came across as a man full of life. He partied hard when he partied. He radiated positivity and cared deeply about everyone he knew. His advice was heartfelt and was ever eager to help. In short, a man with a heart to gold".
Home Minister Amit Shah tweeted, "Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti."
Tributes poured in from all corner as Defence Minister Rajnath Singh expressed his grief. He tweeted, "Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers."
Motilal Oswal, MD & CEO, Motilal Oswal group, said, "We started our career together in the mid-80s. We used to meet quite often when we started. I have too many fond memories of him, right from trading hall days till now. He had a deep understanding of markets based on the fundamentals of the company. His style of communication was frank".
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