Shares of Indian billionaire worth nearly $4 billion in focus after death

(Bloomberg) — The death of Indian billionaire Rakesh Jhunjhunwala is putting a spotlight on nearly $4 billion worth of stocks held by the well-known investor, whose dealings were closely watched.

The man known as India’s Warren Buffett died of a reported cardiac arrest on Sunday at the age of 62. The self-made entrepreneur has invested in a wide range of established businesses and start-ups and has served on the boards of several Indian firms.

Indian billionaire investor Rakesh Jhunjhunwala has died at the age of 62

“Its portfolio consists of companies that have risen from value investments to larger players,” said Kranti Bhatini, strategist at WealthMills Securities Pvt. Jhunjhunwala was not much involved in the management of companies in which he held strategic stakes, Battini said, adding that “these shares are unlikely to have much impact as his investments will be looked after by his company”.

Jhunjhunwala was among the most influential market voices in Asia’s third-largest economy, with an intense following among the country’s growing horde of retail investors. His investment success earned him a cult following, with news of his trades occasionally sending the stock soaring above its daily limits.

The man also known as ‘The Big Bull’ was a fierce supporter of India’s growth story. Jewelery retailer Titan Co. was one of the biggest and most profitable investments for the veteran trader and his wife Rekha Jhunjhunwala, making up more than a third of their portfolio, according to data compiled by Bloomberg.

Their other largest holdings by market value include Star Health & Allied Insurance Co., shoemaker Metro Brands Ltd. and carmaker Tata Motors Ltd. Jhunjhunwala holds stakes of over 10% in Star Health, IT firm Aptech Ltd. Ltd

Shares of companies in which Jhunjhunwala had stakes were mixed in trading on Tuesday as the market reopened after a holiday. Titan rose about 1% and Star Health climbed as much as 2.5%, while Aptech fell more than 5%.

Jhunjhunwala’s estate, including stocks and property, will be bequeathed to his wife and three children, the Economic Times newspaper reported on Monday, citing an unnamed person familiar with the matter. The billionaire has already developed the plan, according to the report.

“True to nature and an unerring eye for detail, he had planned and meticulously executed a smooth transition to maintain and enhance his legacy,” Rare Enterprises Pvt., Jhunjhunwala’s investment firm, said in a statement. Rare Enterprises did not immediately respond to phone calls and an emailed request for details.

Prime Minister Narendra Modi paid tribute to Jhunjhunwala in a tweet on Sunday, saying the “indomitable” investor had made an “indelible contribution to the financial world”.

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