Prime minister Narendra Modi led the tributes for Jhunjhunwala
According to local reports, the billionaire trader was brought to the Breach Candy Hospital in Mumbai at 6.45am on Sunday where he was declared dead on arrival.
The exact cause of death has not been officially confirmed yet, but BBC reported that Jhunjhunwala was said to be suffering from multiple health issues, including kidney failure.
According to Forbes magazine, Jhunjhunwala was often dubbed as India’s Warren Buffet and had an estimated net worth of around $5.8bn. He was a chartered accountant by profession from the northern Indian state of Rajasthan. He managed the stock trading firm Rare Enterprises.
He had recently ventured into the aviation industry with his Akasa Air, which began its operations on 7 August this year.
Indian prime minister Narendra Modi led the tributes to Jhunjhunwala.
“Rakesh Jhunjhunwala was indomitable,” he wrote. “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,” the PM added.
Cricketer Virender Sehwag wrote: “End of an Era as the Big Bull of the Dalal Street, Rakesh Jhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti.”
CEO of Kotak Mahindra Bank and Jhunjhunwala’s friend Uday Kotak, added: “Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”
India’s federal home minister Amit Shah said in his tribute: “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”