August 14, 2022
1 min read

Top broker Rakesh Jhunjhunwala passes away at 62

Often referred to as the ‘King of Bulls’ in the stock markets, Jhunjhunwala’s latest venture Akasa Air’s maiden flight took off exactly a week ago on August 7, last Sunday…reports Asian Lite news

Top broker-investor and founder of the recently-launched Akasa Air Rakesh Jhunjhunwala, passed away here on Sunday morning, a close friend said.

A Chartered Accountant by qualification and training, he was 62 and is survived by his wife Rekha and two children.

Often referred to as the ‘King of Bulls’ in the stock markets, Jhunjhunwala’s latest venture Akasa Air’s maiden flight took off exactly a week ago on August 7, last Sunday.

He had also shot into the limelight for his palace-like new residence coming up at Malabar Hill in south Mumbai, and had been on the board of several top companies..

Jhunjhunwala had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th richest man in India. Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

Jhunjhunwala invested Rs 5,000 in capital in 1985 which grew to Rs 11,000 crore by September 2018.

The first big profit of Rakesh Jhunjhunwala was Rs 5 lakh in 1986. Between 1986 and 1989, he earned almost Rs 20-25 lakh profit.

Akasa Air is an Indian airline co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey. The airline currently has two aircraft with additional order for 70 more aircraft and flies to three cities as of August 9.

ALSO READ: What does India stand for at 75?

Previous Story

Kashmir’s first multiplex theatre ready to films from Sept

Next Story

The poet who coined ‘Inquilab Zindabad’

Latest from India News

India, Japan eye Central Asia

Initial projects could focus on logistics hubs, renewable energy ventures, and agro-processing plants that address the region’s immediate economic needs…report Asian Lite News Prime Minister Narendra Modi’s recent visit to Tokyo established

US Envoy Gor Meets Jaishankar on Bilateral Ties

Envoy’s visit comes at a time when India-US relations are navigating a complex phase…reports Asian Lite News US Ambassador to India Sergio Gor met External Affairs Minister S. Jaishankar on Saturday to

US Must Stand Together on India: Bera

Congressman Ami Bera, a Democratic representative from California, has said it is time for the US Congress to unite in defence of the “hugely important” India–US relationship. In an exclusive interview with

Canadian FM Anand to Visit India Oct 13

Anand will visit Mumbai to engage with Canadian and Indian firms focused on investment, job creation, and economic opportunity across both nations….reports Asian Lite News Canadian Foreign Minister Anita Anand will embark
Go toTop

Don't Miss

Infra push on PM’s mind ahead of Budget

The Prime Minister’s ‘Gati Shakti National Master Plan’ echoes the

India-made vaccine for cervical cancer unveiled

Cervical cancer ranks as the 2nd most prevalent cancers in