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BW Businessworld

Dalal Street Veteran Parag Parikh Dies In US Car Accident

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Dalal Street veteran and value investor Parag Parikh has died in an accident in Omaha, Nebraska in the USA on Sunday (3 May). 
 
Mumbai-based Parikh (60), who was also the founder of PPFAS Asset Management Company, had gone to Omaha to attend the annual shareholder meeting of Warren Buffett's Berkshire Hathaway Corporation. 
 
Media reports from the US said Parikh was the backseat passenger of a car that collided with a pick-up. The car was driven by Rajeev Thakkar, chief investment officer at PPFAS Asset Management Company. Parikh's wife was also critically injured in the crash and is being treated. Thakkar, along with another employee of the AMC, escaped with non life-threatening injuries. 
 
Thakkar shared news of Parikh's demise on Twitter on Sunday itself. Parikh entered financial markets in 1979 and built up a successful stock-broking business whose portfolio management schemes were known for their superlative performance and value investing bent.
 
The Omaha World-Herald reported that the crash happened before 7 a.m. Sunday in midtown Omaha. A 2014 Volkswagen Jetta, Parikh was travelling in was struck by a 2011 Chevrolet pickup.
 
Omaha Police said 60-year-old Parikh died at the Nebraska Medical Center. His wife, 59-year-old Geeta Parikh was in critical condition with head and chest injuries.
 
Two others in the Volkswagen — 42-year-old Rajeev Thakkar of Mumbai and 29-year-old Raunak Onkar of Maharastra, India — sustained non-life threatening injuries.
 
The truck's 63-year-old driver was treated for a shoulder injury at a different hospital and released.
 
US media reported that Police say Thakkar might face charges related to the crash.