Rakesh Jhunjhunwala started his journey with a capital of just ₹5000; all you need to know about India’s Warren Buffet

Veteran stock market investor Rakesh Jhunjhunwala, who owned recently-launched Akasa Air airlines, passed away at the age of 62 years in Mumbai this morning. According to hospital sources as quoted by news agency ANI, Jhunjhunwala was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai. He was born on July 5, 1960 and grew up in Mumbai.

Often referred to as 'India's Warren Buffett' and the Big Bull of Indian markets, Jhunjhunwala's net worth was $5.8 billion, according to Forbes.

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Jhunjhunwala stated his journey in stock markets while he was still in college with a capital of just ₹5,000. He recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air -- India's newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad. 

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Nicknamed the "Oracle of Dalal Street" -- a play on Buffett's moniker and the location of the Bombay Stock Exchange -- Jhunjhunwala has invested $35 million for an estimated 40 percent stake in the new airline.

An investor with Midas touch, Jhunjhunwala was the 48th richest man in the country.

A chartered accountant by education, he chose Dalal Street instead of auditing accounts. In 1985, Jhunjhunwala invested ₹5,000 as capital. By September 2018, that capital had inflated to ₹11,000 crore.

His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors.

Overall, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.

He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.

Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay, where his father worked as a commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.

He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at ₹43 and the stock rose to ₹143 within three months. In three years, he earned ₹20-25 lakh.

When Jhunjhunwala entered the stock market, the Sensex was at 150 points.

His privately owned stock trading firm Rare Enterprises derived its name from the first two initials of his name and his wife Rekha, who is also a stock market investor.

(With inputs from agencies)