Rakesh Jhunjhunwala: India’s ‘share market king’ dies at 62

Indian billionaire Rakesh Jhunjhunwala, who made a fortune trading in stocks, has passed away at 62.

The cause of his passing away has not been confirmed yet.

Often called India’s Warren Buffett, Jhunjhunwala had a net worth of around $5. eight billion, according to Forbes.

He was component of a generation associated with investors who tips from the historic 1991 reforms, which became available India’s economy.

Within a tribute, Prime Ressortchef (umgangssprachlich) Narendra Modi called Jhunjhunwala “full of life” and “insightful”.

Jhunjhunwala had recently supported Akasa Air, India’s newest budget flight, which began procedures earlier in Aug.

The son of an income tax officer, Jhunjhunwala has said that he grew to become fascinated with stocks since a child after watching their father balance their market investments.

Started investing in the stock market in 1985, whenever he was 25 years old – using the off with $100 that he had borrowed from a relative, reports say.

He later set up Rare Enterprises – the name had been coined from the first two letters of his name and that of his wife Rekha.

He had the trustworthiness of being a risk-taker in his investments, many of which usually paid off spectacularly.

In a 2021 profile, Forbes wrote that even though Jhunjhunwala “acquired his legendary Midas contact by picking winning stocks”, he has also recently started seeing his private equity investments pay off.

A decade ago, he told Reuters within an interview that he did not like being known as “India’s Warren Buffett”, adding that the Berkshire Hathaway CEO had been “far, far ahead” of him.

“I’m not a clone of anybody. I’m Rakesh Jhunjhunwala, ” this individual said.