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Veteran Investor Jhunjhunwala Started Journey In Share Market With Just Rs 5000

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Veteran investor Rakesh Jhunjhunwala passed away today at the age of 62. According to report, the billionaire investor and stock trader was brought dead to the Breach Candy hospital in Mumbai at 6:45 am. The sudden passing away of Rakesh Jhunjhunwala has jolted the financial world.

 
Veteran Investor Jhunjhunwala Started Journey In Share Market With Just Rs 5000

Prime Minister Narendra Modi remembered the business magnate this morning. "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," tweeted PM Modi.

The ace investor began his journey in share market with just Rs 5000 in 1985. He heard his father discuss about the stock markets with his friends and began taking keen interest in it. Rakesh Jhunjhunwala's father asked him to go through newspapers every day to understand market trends. His father did not allow him to take money from his friends and did not give him any financial assistance as well to invest in share markets.

Later Jhunjhunwala ended up borrowing money from his father's client with the promise to return the sum with better returns. And, this is how his journey began in share market. He invested Rs 5000 in 1985.

The ace investor earned huge profit in 1986 after buying 5000 shares of Tata Tea at Rs 43 and in just 3 months the shares surged to Rs 143. Jhunjhunwala's net worth stood at $4.6 billion or approximately Rs 34,000 crore, according to Forbes. According to Trendlyne, as of 2021, the worth of Jhunjhunwala's holdings was estimated to be Rs 19,277 crore.

The legendary investor's major investment till date remains in Titan Company which is estimated to be approximately more than Rs 7000 crore. Titan is a Tata Group company.

Jhunjhunwala experienced massive success in the share trading and probably this is the reason why he was frequently called as the Warren Buffet and Big Bull of Dalal Street. Recently, he ventured into the aviation industry with Akasa Air which took flight on August 7.

 

Civil Aviation Minister Jyotiraditya M Scindia tweeted, "Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India's growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones."

Finance Minister Nirmala Sitharaman in a tweet said, "Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we've had. Had strong belief in India's strength and capabilities. Condolences."


Story first published: Sunday, August 14, 2022, 13:22 [IST]
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