Veteran Equity Market Investors and Newly-Launched akasa air Founder Rakesh Jhunjhunwala passed away in Mumbai on Sunday. He was 62 years old.
Popularly known as the “Big Bull” of the Indian stock market, he had several health issues. Mr. Jhunjhunwala, the promoter of Akasa Air, was seen at its public launch a few days back. He is survived by his wife and three children.
The reason for his sudden death is not yet known by the family. Mr. Jhunjhunwala had invested in many Indian companies and had earned a good amount of money in the last two decades. He was known as the “Indian Warren Buffet” for his investing acumen.
Several politicians and industry leaders including Prime Minister Narendra Modi and Home Minister Amit Shah paid tribute to Mr. Jhunjhunwala.
Prime Minister Modi took to Twitter to pay tribute to Mr. Jhunjhunwala and offered condolences to his family.
“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 the progress of India. His passing is sad. My condolences to his family and fans. Om Shanti,” wrote PM Modi.
Finance Minister Nirmala Sitharaman said she recalled several conversations she had with Mr Jhunjhunwala and said she had a firm belief in India’s strength and capabilities.
“Mr. Rakesh Jhunjhunwala is no more. Investor, bold risk taker, excellent understanding of stock market, clear in communication – a leader in his own right. Remember with love the many conversations we had. There was a strong belief in India’s strength and capabilities. Condolences,” he read the tweet.
Mr Shah Mr Jhunjhunwala will always be remembered for his bullish outlook. “Sad to know about the passing away of Rakesh Jhunjhunwala ji. His vast experience and understanding of the stock market has inspired countless investors. He will always be remembered for his fast approach,” he tweeted.
“My deepest condolences to his family. Peace be in peace.”
Union Commerce and Industry Minister Piyush Goyal also condoled the demise of the ace investor. Taking to the microblogging site, Mr. Goyal said that Mr. Jhunjhunwala was an inspiration for creating wealth for crores.
“Deeply saddened on the passing away of veteran investor Rakesh Jhunjhunwala. He was the inspiration for creating wealth worth crores. My heartfelt condolences to his family, friends and fans. Om Shanti,” he wrote.
More details are awaited.