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

IBPC lights up Diwali for UAE workers

IBPC Dubai celebrates Diwali with heartwarming gestures, distributing sweets and spreading joy across UAE labour camps, reinforcing its commitment to compassion, community upliftment, and cultural unity this festive season. The Indian Business

India expands naval reach amid Indo-Pacific tensions

India’s renewed naval diplomacy coincides with heightened activity by external powers in its strategic maritime neighbourhood….reports Asian Lite News Amid growing tensions in the Indian Ocean and evolving power dynamics across the

‘1945 INA trial gave Congress huge impetus’

Congress’ freedom movement against British rule got a tremendous impetus from the 1945 showpiece trial of three officers of Netaji Subhas Chandra Bose’s Indian National Army (INA), says CPI(M) leader Subhashini Ali

India invites Rishi Sunak to its AI summit in 2026

India to host world’s first Global South AI summit in 2026, with Ashwini Vaishnaw inviting Rishi Sunak to join global talks on responsible, inclusive artificial intelligence. India’s Union Minister for Electronics and
Go toTop

Don't Miss

China says it values ties with India

Qin, who is visiting New Delhi to attend the G20

Indians welcome appointment of Sheikh Mohammed  

The Indian tricolour flew at half-mast at the Embassy of