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Big Bull, ‘Father of stock market’ Rakesh Jhunjhunwala dies at 62

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Mumbai: Big Bull, ‘Father of stock market’ Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was an Indian billionaire business magnate, stock trader and investor. His was known to be having multiple health issues. It is being said that he was admitted to Breach Candy hospital in Mumbai at 6:45 this morning.

On his passing, Prime Minister Narendara Modi said on Facebook, that:

Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti.”

Son of an income tax officer, the Big Bull, ‘Father of stock market’ started dabbling in stocks while still in college. He began by investing $100 in 1985 when the Bombay Stock Exchange Index was at 150; it now trades over 60,000.

An investor with a Midas touch, Rakesh Jhunjhunwala is often referred to as India’s Warren Buffett. When Jhunjhunwala was in college, he began dabbling in the stock market.

He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That had grown to Rs 11,000 crore by September 2018.

This is a developing story, we shall update you on developments as they come in.

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