Late billionaire investor Rakesh Jhunjhunwala on March 22 was posthumously conferred the Padmi Shri award for his contributions in the field of trade and industry. The family of the stock market guru, who died at the age of 62 last year, attended the ceremony and receive his Padmi Shri, India's fourth-highest civilian honour, this evening.

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The Ministry of Home Affairs made the announcement on the eve of the 74th Republic Day. The awards were conferred by the President of India at a ceremonial function that was held at the Rashtrapati Bhawan.

Jhunjhunwala, regarded by investors as India's Warren Buffet, died on August 14, 2022, at Mumbai's Breach Candy Hospital following a variety of diseases, including renal failure.

As of August 2022, Jhunjhunwala's estimated net worth was $5.8 billion, making him the 36th richest man in India then.

In the last three decades Jhunjhunwala, with his trading wit and investing sense, was a towering presence in the Indian stock markets. His larger than life persona and outspokenness is missed by not only those affiliated with the markets but people from all walks of life.

After his demise, Jhunjhunwala's peer Ramesh Damani, member of BSE, said, “Rakesh Jhunjhunwala captured the imagination of the Indian public. He was in many ways the pied piper of Indian capital markets and was extremely bullish on India. His monuments in the financial world like Ashoka University, Akasa Airlines etc are all around us."

Damani pointed out that Jhunjhunwala was the only man other than Warren Buffet who became a billionaire through stock market investing. “Rakesh started with the journey of stock markets with Rs 5,000 which in the mid-1980s was a princely sum of $500. Over the next 35 years he translated that sum to almost $4 billion or Rs 30,000 crore. If you look at the compounding ratio, it is almost 50 percent compounded in dollar terms,” he told CNBC-TV18 in an interview in August 2022.

Also Read: Rakesh Jhunjhunwala: 5 lesser-known facts about the ace investor

For today’s Padma Awards ceremony, the President has authorised the presentation of 106, including three pair instances. There are six Padma Vibhushans, nine Padma Bhushans, and 91 Padma Shri on the list. The list includes 19 female winners, 2 foreigners, NRI, PIO, OCI, and 7 posthumous recipients.

Also Read: Rakesh Jhunjhunwala's 10 golden quotes to take inspiration from

First Published:Mar 22, 2023 10:37 AM IST