Rakesh Jhunjhunwala, a veteran investor, died on Sunday morning. Indian Warren Buffet was a nickname for the Midas-tuned investor.
He was both a trader as well as a chartered accountant and was one of the most wealthy men in the country. Jhunjhunwala was chairman of Hungama Media, Aptech, and a director at Viceroy Hotels and Concord Biotech, Provogue India and Geojit Financial Services.
Jhunjhunwala began investing in stocks while he was still in college. After graduating from the Institute of Chartered Accountants of India he enrolled at the Institute of Chartered Accountants of India. However, he decided to plunge headfirst into Dalal Street. In 1985, Jhunjhunwala had invested Rs 5,000. This capital had grown to Rs 111,000 crore by September 2018.
Jhunjhunwala was interested in the stock market after hearing his father talk to his friends about it. Jhunjhunwala said that his father told him to read newspapers regularly because it was the news that caused the stock market’s volatility. According to reports, his father allowed him to try out the stock market but refused financial support and prohibited him from asking for money from friends.