Rakesh Jhunjhunwala appeared in Scam 1992 as a bear, but he made a lot of money later as a bull, earning the title of the Big Bull.
Rakesh Jhunjhunwala was an Indian billionaire business magnate, stock trader, and investor.
Born in a Rajasthani family in Bombay to a Commissioner of Income Tax father, he got the taste of the stock market from a young age. Soon after, he started trading in the market with a small sum and turned it into millions, utilizing his trading ideas and methods.
A recognized name in the Indian community and a stock market inspiration for many, Rakesh died on Sunday morning, August 14, at the age of 62. NDTV reports that the billionaire businessman was rushed to the hospital after suffering a fatal health condition.
Jhunjhunwala’s death cause was a cardiac arrest as he was already dead when he reached the hospital. He has had many problems related to his health in recent times. The source also mentions that Rakesh left the hospital only a few weeks ago after getting treatment for kidney-related issues.
Following the death news, the media is filled with condolences and gratitude towards the late man as they remember his career and involvement.
Rakesh Jhunjhunwala Scam 1992 Discussed: What Did He Do?
Rakesh Jhunjhunwala was involved in the Scam 1992 but didn’t do anything severe to affect the happening.
The 1992 scam is based on the story of Harshad Mehta, who used bank notes to fraud around a billion from the banking system and used the illegal money to invest and manipulate stocks in the Bombay Stock Exchange. This scam is the story of the 2020 thriller series, Scam 1992.
Jhunjhunwala was also a part of the series as he was active in the market went the incidents unfolded. But rather than directly impacting the deception, he was on the other side of the story, as a bear, trying to capitalize on the market falls. Kavin Dave portrayed Rakesh’s role in the series.
After Mehta’s scam unfolded and the stock market crashed, Rakesh made a profit from short selling and grew his fortune numerous times.
His Net Worth At Death In Billion And Rupees
Rakesh Jhunjhunwala’s net worth at death was $5.8 billion, per Business Standard, which translates to 461,854,000,000 Indian rupees at the present rate.
Generally regarded as the Big Bull of the Indian stock market and also the Warren Buffet of India, Rakesh made huge money from his time after the 1992 scam. In the years that followed, his ideas and methods in the trading system proved valuable as he kept on making huge profits.
Besides his return from the stock market, Jhunjhunwala was also involved in other business ventures, which made good returns on his investment and substantially increased his net worth. He was the 36th richest man in India at his demise.
Rakesh Jhunjhunwala Wife Children And Family
Rakesh Jhunjhunwala was survived by his wife, Rekha Jhunjhunwala, and their three children.
He had a sweet family of five. Rakesh and Rekha tied the knot in 1987 and remained married till the businessman’s death on August 14, 2022. The couple became the parents of three children; one daughter and two sons.
The late business tycoon’s eldest child is the daughter named Nishtha, born on June 30, 2004. Similarly, the other two children, sons Aryaman and Aryaveer, were born on March 2, 2009.