Billionaire investor Rakesh Jhunjhunwala passes away at the age of 62
Rakesh Jhunjhunwala had been dubbed 'India’s Warren Buffet'
Billionaire investor Rakesh Jhunjhunwala passed away on Sunday, according to sources. The investor with a Midas touch had been dubbed “India’s Warren Buffet."
He was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai, as per the hospital sources.
Prime Minister Narendra Modi expressed his condolence on Twitter, stating that Jhunjhunwala leaves behind an indelible contribution to the financial world.
Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Jhunjhunwala was born on 5 July, 1960. He grew up in Mumbai.
He was both a trader and a chartered accountant, and one of the richest men in the country. Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.
He was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month.
A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."
He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.
With inputs from agencies
The prime minister said that the trader was very lively, insightful and bullish on India
Now, days after the demise of Big Bull of the Indian stock market, dairy brand Amul paid homage to the business magnate with a monochrome doodle.
Rakesh Jhunjhunwala, who passed away on Sunday, had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata conglomerate