Rakesh Jhunjhunwala Dies At 62
Billionaire investor Rakesh Jhunjhunwala has died age 62.
Billionaire investor Rakesh Jhunjhunwala died from complications linked to multiple ailments on Sunday. He was 62.
The stock market veteran, often called 'Warren Buffett of India', was suffering from diabetes and kidney-related ailments, people close to the family confirmed on Sunday morning.
Hours later, ANI reported citing Dr Pratit Samdani of Mumbai's Breach Candy Hospital, where Jhunjhunwala was brought for treatment, that the cause of death was a "sudden cardiac arrest". "He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty," he said.
Jhunjhunwala, a chartered accountant, made a fortune by stock picking in Indian equities and was keenly followed for his investing acumen and bets. He was a graduate from the Sydenham College of Commerce and Economics in Mumbai.
Jhunjhunwala owns stock trading firm Rare Enterprises Pvt., named after him and his wife. His latest big bet was Akasa Air, India's youngest airline that is 45.97% owned by his family.
In 2021, as many as three Jhunjhunwala-backed firms went public, in Star Health & Allied Insurance Ltd., Metro Brands Ltd. and Nazara Technologies Ltd.
He is survived by wife Rekha Jhunjhunwala and three children—daughter Nishtha, and sons Aryavir and Aryaman.
Akasa Air tweeted a condolence message on its founder's sad demise.
Condoling Jhunjhunwala's death, Prime Minister Narendra Modi said "...he 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 Indiaâs 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
Billionaire Gautam Adani said "...Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views".
Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIPð pic.twitter.com/XrOBM3t0nG— Gautam Adani (@gautam_adani) August 14, 2022