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PM Modi remembers Rakesh Jhunjhunwala

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Prime Minister Narendra Modi has paid tribute to billionaire stock market investor Rakesh Jhunjhunwala who died in Mumbai on Sunday morning. Remembering Jhunjhunwala, PM Modi said in a tweet: “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 progress of India. His passing is sad. My condolences to his family and admirers. Om Shanti.

Condoling his death, Finance Minister Nirmala Sitharaman remembered Jhunjhunwala as someone who firmly believed in India’s strength and capabilities.

Sitharaman tweeted: “Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterful understanding of the stock market, clear communication – a leader in his own right. Fondly remember several conversations we had. Firmly believed in India’s strength and capabilities Condolences.

Paying tribute to the scholarship veteran, Civil Aviation Minister Jyotiraditya Scindia said Jhunjhunwala will be remembered for the new airline Akasa Air. He tweeted: “Sh Rakesh Jhunjhunwala Ji was not only an astute businessman but also passionately invested in India’s growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family and loved ones.”

Notably, Commerce Minister Piyush Goyal remembered Jhunjhunwala as an inspiration for wealth creation for millions. Goyal tweeted: “Deeply distressed by the passing of veteran investor Rakesh Jhunjhunwala. He was an inspiration to wealth creation for millions of dollars. My sincere condolences to his family, friends and admirers. Om Shanthi.”

Among industry leaders, Kotak Mahindra Bank founder Uday Kotak remembered Rakesh Jhinjhunwala as his junior, school and college and said he thinks Indian stocks are under -assessed.

Paying his respects, Gautam Adani tweeted: “Extremely saddened by the untimely passing of India’s most legendary investor. Shri Jhunjhunwala inspired an entire generation to believe in our stock markets with her brilliant views. We will miss him. We miss him but we will never forget him. RIP.”

Vijay Chopra of Enoch Ventures said, “It is a big loss for the investment community as Rakesh Jhunjhunwala was seen as a role model for many young and experienced investors. His stock portfolio was well followed by many large and small investors.

Jhunjhunwala, who was 62, suffered from heart failure and was pronounced dead at Breach Candy Hospital in Mumbai. Stock market maverick Jhunjhunwala was known for his bullish outlook in the stock market. In 2022, he had assets worth $5.5 billion and was ranked the 36th richest man in India.

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