Ace investor Rakesh Jhunjhunwala honoured with Padma Shri post-humously, here's his journey

Ace investor Rakesh Jhunjhunwala honoured with Padma Shri post-humously, here's his journey

Millions of investors followed his market insights, and his investment in a stock could help it make gains, while prices would fall after Jhunjhunwala's exit.

FPJ Web DeskUpdated: Wednesday, March 22, 2023, 06:41 PM IST
article-image

Known by epithets such as the Big Bull of Dalal Street and compared to Warren Buffet for his investment acumen, Rakesh Jhunjhunwala was followed for his midas touch. His investments, diversified into 23 sectors, were worth almost Rs 32,000 crore when he died in August 2022, after launching low-cost airline Akasa.

The ace investor who started investing with Rs 5,000 and hit a net worth of Rs 45,000 crore, has been honoured with a Padma Shri award.

Turning stocks into gold

The chartered accountant turned active trader, Jhunjhunwala was also the chairman of Hungama and Aptech, apart from director at firms including Provogue and Viceroy Hotels.

Millions of investors followed his market insights, and his investment in a stock could help it make gains, while prices would fall after Jhunjhunwala's exit.

He also kept betting on public sector firms in India, which surged as much as 170 per cent in 2022 after his death.

From D-street to Bollywood

Born in 1960, Jhunjhunwala graduated from Sydenham College in Mumbai and entered the stock market with Rs 5,000 in 1985.

His first profit a year later was 100 times higher than his initial investment at Rs 5 lakh, and kept multiplying his gains in the volatile 80s and 90s.

Jhunjhunwala considered another top trader Radhakishan Damani as his mentor, and had a lasting friendship with the D-Mart founder.

In 2021, he also entered the Edelgive Hurun India Philanthropy list with a Rs 50 crore donation, and gave 25 per cent of his yearly income to charity.

Jhunjhunwala also went into film financing with movies such as English Vinglish and Shamitabh.

The rough patch in his green run

Apart from accurate insights and winning bets in the stock markets, Jhunjhunwala was also caught off guard after investing in DB Realty and scam hit DHFL.

His own reputation was blemished by allegations of insider trading in stocks of Aptech, where he served as Chairman.

Jhunjhunwala and nine others paid Rs 37 crores to settle the case with the Securities and Exchanges Board of India in 2021.

RECENT STORIES

Mercedes-Maybach GLS 600 Facelift Launched in India, Priced at Rs 3.35 Crore

Mercedes-Maybach GLS 600 Facelift Launched in India, Priced at Rs 3.35 Crore

DuPont Breaks Up: American Chemical Splits Into Three After 220 Years

DuPont Breaks Up: American Chemical Splits Into Three After 220 Years

Shriram General Insurance Q4 Financials; Highest Ever Gross Written Premium: ₹ 3036 crore

Shriram General Insurance Q4 Financials; Highest Ever Gross Written Premium: ₹ 3036 crore

Mercedes-Benz AMG S 63 E Performance Now Available in India at Rs 3.30 Crore

Mercedes-Benz AMG S 63 E Performance Now Available in India at Rs 3.30 Crore

New Kia Carnival Facelift Spied Uncovered Ahead of India Launch

New Kia Carnival Facelift Spied Uncovered Ahead of India Launch