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Rakesh Jhunjhunwala dies a week after Akasa Air Quartz India’s first flight

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Veteran Indian stock market investor Rakesh Jhunjhunwala died in Mumbai today (August 14). He was 62 years old.

The founder of the country’s new airline, Akasa Air, was often also known as Indias Warren Buffett and the Great Bull of Dalal Street. He was reportedly ill for some time and was discharged from Mumbais Breach Candy Hospital only a few weeks ago. He was treated there for kidney problems, NDTV reported.

This morning, his health deteriorated and he was taken back to the same hospital. However, he was pronounced dead there by doctors. Hospital officials told CNBC TV-18 that the billionaire had suffered a cardiac arrest.

Political leaders like Prime Minister Narendra Modi and prominent businessmen like Gautam Adani and Uday Kotak expressed their grief at Jhunjhunwalas’ death.

Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he left behind an indelible contribution to the financial world. He was also very passionate about the progress of India. His passing is saddening. My condolences to his family and fans. Om Shanthi. pic.twitter.com/DR2uIiiUb7

Rakesh Jhunjhunwala: my school and college classmate. One year my junior. India’s stocks were believed to be undervalued. He is right. Incredibly sharp in understanding financial markets. We spoke to each other regularly, more so during Covid. I will miss you Rakesh!

During a meeting with Modi in New Delhi in October 2021, Jhunjhunwala had suggested that by 2030 the country’s per capita income could exceed $6,000 a year (it is around $1,150 today). India ka time aa gaya (India’s time has come), he reportedly told the prime minister.

Who is Rakesh Jhunjhunwala?

The son of a tax officer, Jhunjhunwala started his legendary investment run with just $100 in 1985 on the Bombay Stock Exchange, now BSE. The Sensex benchmark index was then at 150; it is now trading at over 59,000.

In August 2022, his net worth was estimated at $5.8 billion. In 2021, he was ranked 36th in the Forbes list of the richest Indians.

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Jhunjhunwala has also served as Chairman of Aptech and Hungama Digital Media Entertainment and served on the boards of Prime Focus, Geojit Financial Services, Bilcare Limited, among other companies.

He last appeared in public in a wheelchair at the launch of Akasa Air on August 7 in Mumbai. His foray into Indian aviation came at a time deep crisis in industry.

When asked why he took the risk, the investor reportedly replied, “Better to have tried and failed than not to have tried at all.

Akasa Air

Rakesh Jhunjhunwala during the launch of Akasa Air.

Jhunjhunwala is survived by his wife and three children.

Sources

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2/ https://qz.com/rakesh-jhunjhunwala-dies-a-week-after-akasa-air-launch-1849410169

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