New Delhi, Aug 19 According to Bloomberg, Rakesh Jhunjhunwala’s death brings attention to the nearly $4 billion worth of stocks he held.
At 62, the man known as India’s Warren Buffett died of a reported cardiac arrest. In addition to serving on the boards of several Indian firms, the self-made trader invested in several established companies as well as startups.
Among Asia’s third-largest economy’s growing horde of retail investors, Jhunjhunwala was one of the most influential market voices. According to Bloomberg, news of his trades occasionally prompted stocks to move beyond their daily limits because of his investing success.
He was a fierce backer of India’s growth story, also known as “Big Bull.” Bloomberg records show that Titan made up more than one third of his portfolio, which comprised jewellery retailers.
Additionally, they own footwear manufacturer Metro Brands and automaker Tata Motors, all of which have market values of over $1 billion. Jhunjhunwala owned stakes in Star Health, Aptech, and Nazara Technologies, which makes videogames.
The estate of Jhunjhunwala, including shares and property, will be left to his wife and three children.
It is reported that Jhunjhunwala’s investment outfit, Rare Enterprises – derived from the first two letters of his and his wife Rekha’s names – will be run by the current management team headed by Utpal Sheth and Amit Goela.
In a statement, Rare Enterprises Pvt, Jhunjhunwala’s investment firm, said that he had planned and executed a smooth transition to preserve and enhance his legacy.