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After experiencing a heart arrest, Rakesh Jhunjhunwala was taken urgently to the Breach Candy Hospital in Mumbai at around 6.45 am. The hospital staff proclaimed him dead when he arrived. He was 62.
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Jhunjhunwala, who has a number of medical problems, was recently released from the same hospital after receiving treatment for kidney-related problems.
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According to Forbes, the veteran trader-cum-investor known as the Big Bull of Dalal Street had an estimated net worth of $5.8 billion. He ranked as India's 36th-richest billionaire.
Rakesh Jhunjhunwala's demise was mourned by Akasa Air, which noted that he was deeply concerned about the welfare of both its staff members and clients. "Akasa Air will strive to run a great airline," the statement read. "We will honor his legacy, ideals, and believe in us."
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He recently partnered up with former IndiGo CEO Aditya Ghosh and ex-Jet Airways CEO Vinay Dube to start Akasa Air, which took to the skies last week. At the Akasa Air launch, he was spotted using a wheelchair.
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Rakesh Jhunjhunwala, who was primarily optimistic about the country's stock market, was also known as "India's Warren Buffett."
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Jhunjhuwala invested in more than thirty businesses. His main holdings included Tata Motors, Metro Brands, Titan, and Star Health. He served as the chairman of both Aptech and Hungama Media.
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The first two letters of his name and that of his wife Rekha, who is also an investor, were used to create the name of his privately held stock trading company, Rare Enterprises.
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On July 5, 1960, Rakesh Jhunjhunwala was born. In Mumbai, his father was an income tax official. Jhunjhunwala, a chartered accountant by profession, started investing with 5,000 in 1985 when the benchmark index Sensex of the Bombay Stock Exchange was at 150; it now trades at over 59,000.
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The late investor, according to Prime Minister Narendra Modi, "leaves behind an indelible legacy to the financial world." Jyotiraditya Scindia, Union Minister for Civil Aviation, claimed that he will be remembered for finally giving India's long-delayed new airline Akasa Air.
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