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.
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.
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.
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. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
— Virender Sehwag (@virendersehwag) August 14, 2022
— Sagar (@sagarcasm) August 14, 2022
Very saddened to know about the passing of the veteran investor Shree Rakesh JhunJhunwala. India has lost a gem, who made a mark not just on the stock market but on the minds of almost every investor in india.#RakeshJhunjhunwala pic.twitter.com/QX4uvBx7hA
— Eknath Shinde – एकनाथ शिंदे (@mieknathshinde) August 14, 2022
Nobody can predict Market, Death, Market and Women. – Rakesh jhunjhunwala.
— Prayag (@theprayagtiwari) August 14, 2022
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!
Photo Credits: India.com
Amarylisa Gonsalves is a Content Writer at Gutshot Magazine. Advancing from a marketing background, she found her calling in writing. She takes delight in exploring genres and is a curious learner. Patient and ambivert, she believes in letting her work speak for itself. Apart from content writing, she finds solace in writing poetry by expressing herself through words. Additionally, she adores indulging in anything that satisfies her creative self, like drawing and DIY crafts.