New Delhi: The death of Indian billionaire Rakesh Jhunjhunwala puts a spotlight on the nearly $4 billion worth of stocks held by the famed investor, Bloomberg reported.
The man known as India’s Warren Buffett died of a reported cardiac arrest Sunday at the age of 62. The self-made trader invested in a wide swathe of established businesses and startups, and served on the boards of several Indian firms.
Jhunjhunwala was among the most influential market voices in Asia’s third-biggest economy, with an intense following among the nation’s growing horde of retail investors. His investing success earned him a cult-like following, with news of his trades occasionally sparking stocks to move by their daily limits, Bloomberg reported.
The man also known as “Big Bull” was a fierce backer of the India growth story. Jewelery retailer Titan was one of the largest and most profitable investments for the veteran trader and his wife Rekha Jhunjhunwala, making up for more than a third of their portfolio, according to data compiled by Bloomberg.
Their other top holdings by market value include Star Health, footwear maker Metro Brands and automaker Tata Motors. Jhunjhunwala held stakes of more than 10 per cent in Star Health, IT firm Aptech and videogame maker Nazara Technologies.
As per reports, Jhunjhunwala’s estate, including shares and property, will be bequeathed to his wife and three children.
Jhunjhunwala’s investment outfit, Rare Enterprises – coined from the first two letters of his and his wife Rekha’s names – will be run by the current management team led by Utpal Sheth and Amit Goela, as per reports.
“True to his nature and unerring eye for detail, he had planned and meticulously executed a smooth transition to sustain and enhance his legacy,” Rare Enterprises Pvt, Jhunjhunwala’s investment firm, said in a statement.