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Nazara Technologies And Delta Corp Investor Rakesh Jhunjhunwala Passes Away Casino
Amarylisa Gonsalves
Posted on 14 Aug, 2022
By Amarylisa Gonsalves
On 14 Aug, 2022
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By Amarylisa Gonsalves
On 14 Aug, 2022
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Nazara Technologies And Delta Corp Investor Rakesh Jhunjhunwala Passes Away


Today’s morning marked a sorrowful day in the Indian financial and stock markets with the obituary news of ace investor and businessman Rakesh Jhunjhunwala passing away. Jhunjhunwala passed away in the early hours today at the age of 62 years. 

Following some uneasiness, he was taken to Breach Candy hospital in Mumbai, where he died at around 6.30 AM. Reportedly, he suffered kidney-related problems along with acute multiple organs failure, which led to his death. 

Who was Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala was an Indian business magnate, stock trader and investor. The billionaire managed his own stock portfolio as a partner in his asset management firm by the name Rare Enterprises. Also known as the ‘Big Bull’ the Indian stock market due to his strong hold in the market, Jhunjhunwala was a great inspiration to countless investors, both small and big. His most recent venture was Akasa Airlines, which he founded in December 2021, and took its first commercial flight service from Mumbai to Ahmedabad just a week back, on 7th August 2022. 

Rakesh Jhunjhunwala’s Gaming Portfolio

His portfolio includes a wide range of holdings in several industries, with gaming being one of them. Jhunjhunwala believed in the potential of online gaming and heavily invested in listed gaming companies like Delta Corp and Nazara Technologies.

Jhunjhunwala was quite bullish when it came to influencing the markets. Along with his wife Rekha Jhunjhunwala, the ace investor held around 7.3% stake in Delta Corp Ltd. The couple is also among the board of directors in the company which owns the popular Deltin Royale casino in Goa and the online poker site Adda52 among others. 

Popular Indian gaming listed company Nazara Technologies, which is one of the fastest growing gaming companies in the country, was heavily backed by Jhunjhunwala. He did not take the sales route to invest in the company and had already invested ₹180 crores in the company before it went public in 2021. He held 10.1% stake in Nazara Technologies which consisted of 3,294,310 shares as of March 2022. In 2021, the year when the company went public, it reportedly became the second most subscribed initial public offering (IPO) of the year. 


ALSO READ: Rakesh Jhunjhunwala predicts pan-India casino legalization


Condolences poured in on social media over Rakesh Jhunjhunwala’s demise

His last rites will be held at Mumbai’s Banganga crematorium at 5.30 PM today. Jhunjhunwala always forecasted and believed in the growth of the gaming industry. Back in 2019, while speaking at the TiECON Summit at NCPA Grounds, Mumbai, he had predicted that gambling and casinos would soon be legalised all over the country. He also confessed his love for gambling and forecasted that there was little time left before India would legalise casino operations throughout the country, as it was in Goa.

While Juhunjhunwala’s dream of casino legalisation in India is still to come true, we extend our condolences to his family and near and dear ones on their loss. RIP, Rakesh Jhunjhunwala!

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Photo Credits: India.com

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