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On August 7, 2022, at the Mumbai airport, Rakesh Jhunjhunwala was witnessing one of his biggest dreams come true. His own airline, Akasa Air, was about to fly its first commercial flight. Rakesh was sitting on a wheelchair. His body was no longer supporting him as before. But there was the same old sparkle in his eyes and the same confidence on his face.
No one knew that just 7 days later, on the morning of August 14, this man would leave the world forever. But the question is, after all, a boy from a normal middle class Marwari family whose father had told him to do something on his own and not ask for money from anyone. How did that same boy become one of the most famous investors in the Indian stock market and how a start of ₹5000 grew into a wealth of thousands of crores of rupees.
Let's start the story of Rakesh Jhunjhunwala. The story begins on 5 July 1960. A child is born in a Marwari family in Bombay. The name was Rakesh Jhunjhunwala. His father is Radheshyam Jhunjhunwala. He was an officer in the Income Tax Department. There was no big business at home , nor any plan to become a billionaire.
It was just a normal middle class life. Just like millions of Indian families did at that time. But every evening something happened in this house which left a deep impact on the mind of little Rakesh. His father used to sit with his friends and read newspapers and also talk about the stock market. Little Rakesh used to listen to all this.
One day Rakesh started reading the newspaper. But not for the sports page, not for the cartoon page. His eyes started to focus on the business pages. Stock prices, companies, markets, business news A small seed had been sown then, and in the decades to come, that seed would grow into a massive investment empire.
After completing his graduation from Sydenham College, one day Rakesh told his father that he wanted to go into the stock market. Now imagine a middle class family son saying that he wants to make a career in the stock market. What was the thinking of common people about the stock market at that time?
Fear of gambling, risk, wasting money. But Rakesh's father took an important decision. He did not stop Rakesh but did not give him even a single penny. He said first become a chartered accountant, get a professional qualification and then do whatever you want to do but there was a condition also. Never ask me for money and never ask any of my friends for money.
This condition was common to hear. But it meant a lot. Raise your own money. Take your own risks and take responsibility for your own decisions. After completing his CA studies in 1985, Rakesh did not have any big money to invest in the market. He borrowed just ₹5000 from his brother and then set out towards Dalal Street.
At that time the Sensex of Bombay Stock Exchange was around 150 points. And Rakesh had only a small capital. But sometimes big stories do n't start with big money. The big story begins. With a big thought, in 1986 Rakesh took an investment decision based on his research and understanding of the market.
He bought 5000 shares of Tata. The price was around ₹43 per share. Within a few months the share price rose to around ₹143. Rakesh sold his investment and made a profit of around ₹5 lakh. Now think, the boy who had borrowed ₹5000 from his brother some time back , earned a profit of lakhs of rupees in just a few months.
But for Rakesh it was not just about money. This was a proof. There was something special about Pramana's ability to understand the market. Between 1986 and 1989, Rakesh also traded and invested in stocks like Sesago, Tata Power and Hindustan Lever. Gradually his capital started increasing and so did his recognition in the market.
The boy who had come to the market yesterday after borrowing ₹5,000 was now making his place on Dalal Street. Then came 1991 to 92. There was a tremendous rise in the Indian stock market. One name started being heard everywhere. Harshad Mehta. The market was bullish. Share prices were rising rapidly.
People started to feel that it was very easy to make money from the stock market. There was talk of the stock market everywhere. But then a major financial scam broke out in April 1992, and the market began to fall sharply. The market crash of 1992 dealt a major blow to investors. Many investors suffered significant losses in their wealth.
There was panic in the market. There was uncertainty on Dalal Street. But amidst this chaos, Rakesh Jhunjhunwala also understood the other side of the market. He shorted some shares. That is, they adopted the strategy of making profits from prices. At that time, he was considered among the bearish investors in the market.
And this was the time when one thing started becoming clear in the market. Rakesh was not just a trader who made money when the market rose. He also tried to understand the market decline. But making money from trading is one thing and building real wealth is quite another. The next big chapter in Rakesh's journey was long term investing and it was in this chapter that his most famous investment, Titan, came.
Rakesh Jhunjhunwala started investing in Titan around 2002 to 2003. At that time, there was no enthusiasm in the market about Titan like there is today. Many people were not confident about the company. But Rakesh's focus was not on the present but on the future. He believed that as India's middle class grew, so too would demand for consumer products like jewellery and watches, and Titan could capitalise on this growth.
They bought shares and then did nothing, the hardest part of investing. Just hold on for years. Even when his portfolio took a significant hit in December 2011, he did not lose his conviction and the portfolio subsequently recovered. In the years to come, Titan became one of his most famous investment stories.
The value of his Titan Holding reached thousands of crores of rupees. Now Rakesh Jhunjhunwala was no longer just an investor. He himself had become an institution. Along with his wife Rekha Jhunjhunwala, he founded Rare Enterprises. His portfolio gradually grew. Titan, Lupin, Chrysler, Tata Motors, Star Health and many more companies.
At one point, he had dozens of companies in his portfolio. His interview on TV channels means the market's attention is drawn towards him. People listened to him because Rakesh did not just talk about figures. He also talked about the market mentality. One of his famous quotes was Growth comes from chaos, not order.
He believed that one should not be afraid of mistakes. Mistakes should be understood and learned from. He also believed that it was important to consider the market as supreme. Because if you always consider yourself right then you will not accept your mistakes and if you do not accept your mistakes then how will you learn?
The media named him the Big Bull of Dal Street. Many people started calling him the Warren Buffett of India. But Rakesh considered himself just a student. But meanwhile, Rakesh's personal health challenges started increasing. He had to go to the hospital several times due to kidney problems. Doctors used to advise rest.
But his mind was still thinking about new opportunities. And then in 2021, Rakesh Jhunjhunwala took perhaps the biggest entrepreneurial risk of his life. Aviation is an industry where even large business groups have struggled and the situation has become even more challenging after the pandemic. But Rakesh decided he would start an airline.
He, along with Vinay Dubey and Aditya Ghosh, planned a new airline. The name was Akasaay. After 7 days, on the morning of 14 August 2022, Rakesh Jhunjhunwala's health suddenly deteriorated. He was taken to Breach Candy Hospital in Mumbai. But he could not be saved. India lost its Big Bull forever after he suffered a cardiac arrest.
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