Veteran stock market investor and Indian billionaire Rakesh Jhunjhunwala, nicknamed India’s Warren Buffett, died on Sunday in the city of Mumbai, the Press Trust of India news agency reported. He was 62 years old.
Prime Minister Narendra Modi led the tributes to the business tycoon, who had a net worth of $5.8 billion, according to Forbes.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the world of finance,” Modi tweeted and also expressed his condolences to Jhunjhunwala’s family.
The cause of his death has not yet been released, although he was said to have been suffering from various health problems, local media reported.
Jhunjhunwala, a chartered accountant from the northern state of Rajasthan, started investing in the stock market while still in college, starting with capital of just 5,000 rupees ($63). He went on to found and manage RARE Enterprises, an asset management firm. As his net worth steadily increased, he became one of India’s richest men with investments in some of the country’s biggest companies.
In his latest venture, he helped launch low-cost airline Akasa Air, which made its first flight last week. Jhunjhunwala was seen leaving in a wheelchair, local media reported.
The airline said it was “deeply saddened” by the news of his death. “We at Akasa cannot thank Mr.
Also called the “Great Bull” of the country’s Bombay Stock Exchange, Jhunjhunwala was known for taking risks in the market and in his investments.
“Investor, bold risk-taker, masterful understanding of stock market,” tweeted Finance Minister Nirmala Sitharaman, calling him a “leader in his own right” who strongly believed in India’s strength and growth.
In one interview last week with news channel CNBC-TV18, Jhunjhunwala said that despite adverse economic conditions worldwide, “the Indian market will grow but at a slower pace.”
He left behind his wife and three children.
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