On Sunday morning in Mumbai, billionaire investor Rakesh Jhunjhunwala passed away at the age of 62. Jhunjhunwala was one of the founding members of Akasa Air, the newest low-cost carrier in India.
The seasoned investor, who is frequently referred to as the “Warren Buffet of the Indian market,” was said to have been ill for some time. According to Forbes, his estimated net worth was $5.8 billion. His most recent outing was at the airline’s debut, where he was spotted in a wheelchair. It was not immediately clear what caused the death.
“Rakesh Jhunjhunwala had unbreakable resolve. He made an immeasurable contribution to the financial world and was full of life, witty, and smart. In addition, he had a strong zeal for India’s advancement, said PM Modi in a heartfelt tribute on Twitter. “His passing away is saddening. My condolences to his family and admirers. Om Shanti,” said PM Modi.
Social media was awash with condolences as leaders around the country recalled him. His admiration was expressed in a tweet from the finance minister Nirmala Sitharman, who wrote: “Investor, daring risk taker, mastery of the stock market, straightforward in communication- a leader in his own right. I remember several of our chats with affection. had a great sense of India’s power and potential. Condolences.”
“The sudden death of renowned stock trader and investor Rakesh Jhunjhunwala this morning has shocked and saddened many people. He served as an inspiration to many young investors and was an institution unto himself. May God provide his family and friends the strength to endure this tremendous loss, and may his soul rest in peace “Karnataka CM Basavaraj S Bommai penned this.
Jhunjhunwala allegedly began stock investing while still a college student. The self-made trader business entrepreneur had made investments in various well-established companies as well as start-ups. His wife and three kids are left behind. He graduated from the University of Mumbai.
He was ranked 36th in Forbes’ list of the wealthiest Indians in 2021. He was ranked 438th this year.
Prasanta Patnaik