Rakesh Jhunjhunwala Shocking news: Warren Buffett of India dies aged 62; supported game company Nazara
Billionaire investor Rakesh Jhunjhunwala, locally known as India’s Warren Buffett for his penchant for investing in stocks, has died. He is 62 years old.
Billionaire investor Rakesh Jhunjhunwalalocally known as of India Warren Buffett due to his tendency to invest in stocks, died. He is 62 years old.
The veteran stock market investor is a self-made trader and has invested in a number of established businesses and starting a business, including the country’s newest airline Akasa Air. Known for selecting stocks for long-term investments, Jhunjhunwala is one of the most influential voices in the market in India.
While equity investments in the world’s second most populous country have yet to emerge as a major source of household savings and account for less than 5% of wealth, the South Asian nation has in recent years undergo a retail investment in the stock market.
India has added about 58 million new retail investors, more than the population of India south Koreasince boom pandemic in early 2020.
Prime minister Narendra Modi confirmed Jhunjhunwala’s death in a post on Twitter. He said the investor was “indomitable” and had left “an indelible contribution to the financial world”.
Jhunjhunwala, known as the “Big Bull” in India, said in an interview with Bloomberg in 2005 that his pre-bullish stock-picking strategy was inspired by US billionaire George Soros and Hong Kong investor Marc Faber, while Chairman of Berkshire Hathaway Inc. and CEO Warren Buffett is one of his role models.
Rakesh Jhunjhunwala was instrumental in taking several private companies public, including Star Health and Allied Insurance Co. Ltd. and game company Nazara Technologies Ltd. His latest venture is Akasa, which started operations earlier this month.
Motilal Oswal, co-founder of Motilal Oswal Financial Services Ltd., one of India’s largest brokerage firms, said: “He is someone who can understand how to run the company as well as the market. “That’s very rare about him. Some of his big investments happened in recent years, when he was almost 60 years old and didn’t hold up well.”
Jhunjhunwala developed a childhood passion for stocks by watching his father, a retired tax commissioner, arrange investments in the market, he said in the interview. After graduating with honors from Sydenham School of Commerce and Economics in Mumbai, he borrowed $100 from a brother-in-law in 1985 and started buying stocks at the age of 25.
A Mumbai resident, Jhunjhunwala also invests through his company Rare Enterprises Pvt. According to media reports, he is survived by his wife, Rekha Jhunjhunwala and three children.