Dalal Street had been fraught with risk. People who made big fortunes often made headlines as scamsters, leading to equity markets being looked at with suspicion in post-liberalised India.
Rakesh Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a USD 5.8 billion fortune and earn the tag of India's biggest individual investor, was broadly an exception to this, who leaves behind a relatively cleaner slate.
Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes was tainted with scam links, the newest 'Big Bull' in the more-regulated market had lesser baggage on this front.
Jhunjhunwala passed away today morning at the age of 62. According to some reports, his kidney ailments led to multiple organ failure. He passed away at Breach Candy Hospital at 6:45 am, leaving behind his wife Rekha Jhunjhunwala and three children.
People would often put their money in a particular stock just if they heard Mr Jhunjhunwala was eyeing it. He was known as the investor with a Midas touch, a lover of the king-size life.
Here's a look at his portfolio and businesses:
Jhunjhunwala, called "India's Warren Buffet", was one of the richest persons in the country, reportedly holding assets worth $5 bln. He was the promoter of Rare Enterprises Ltd and recently launched India's fifth airline Akasa Air.
The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.
An investor with Midas touch, Jhunjhunwala was the 48th richest man in the country. His privately owned stock trading firm Rare Enterprises derives its name from the first two initials of his name and his wife Rekha's name.
A chartered accountant by education, he chose Dalal Street instead of auditing accounts. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors.
He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. In three years, he earned Rs 20-25 lakh.
