Veteran stock market investor Rakesh Jhunjhunwala, 62, often dubbed India’s own Warren Buffet took his last breath on Sunday morning.
Jhunjhunwala was brought dead to the Mumbai-based hospital, Breach Candy Hospital, told CEO N Santhanam to The Indian Express.
Reason behind his death has been clarified by the hospital. They said Mr Jhunjhunwala dies of cardiac arrest. Dr Pratit Samdani was quoted as saying by news agency ANI, he said, “Rakesh Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty,”
Jhunjhunwala had diabetes coupled with a kidney ailment, according to the doctor.
“He was also suffering from chronic kidney disease, was on chronic dialysis, and was responding well. He was diabetic and had recently undergone an angioplasty,” Dr. Samdani said.
As per reports, a few days ago, Jhunjhunwala was admitted to the hospital but later got discharged. He was survived by his wife, two sons, and a daughter.
Jhunjhunwala was born on July 5, 1960, in Mumbai to an income tax officer. After graduating from Sydenham College in 1985, he registered himself with the Institute of Chartered Accountants of India to study chartered accountancy. His wife Rekha Jhunjunwala is also a stock market investor.
Jhunjhunwala had a penchant for the stock market all because of his father. He, with interest, used to listen to his father’s discussion about bourses with his friends. It is said that he started with a Rs 5,000 investment at the time.
According to Forbes, Jhunjhunwala’s total net worth was about $5.5 billion. He was also one of the top 500 billionaires.
Jhunjhunwala Owned a stock brokerage firm named RARE Enterprises, besides, owning India’s newest airline Akasa Air which took off in Indian skies earlier in August.
Akasa Airlines Released An Official Statement:
— Akasa Air (@AkasaAir) August 14, 2022
Union Ministers and PM Modi expressed mourning for the passing away of an exceptional stock broker.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” PM Modi said in a tweet, sharing a photograph of himself and Late Rakesh Jhunjhunwala.
“He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” the Prime Minister added.
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 India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Union Home Minister Amit Shah said, “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”
Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.
— Amit Shah (@AmitShah) August 14, 2022
Union Defence Minister Rajnath Singh said, “Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.”
Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.
— Rajnath Singh (@rajnathsingh) August 14, 2022
Smriti Irani, Cabinet minister for the Ministry of Women and child development, remembered Jhunjhunwala as a dreamer. She said, “I lost my brother today .. a relationship not known to many. They call him a billionaire investor, the Badshah of BSE .. but what he really was .. is and always will be .. is a dreamer …”
I lost my brother today .. a relationship not known to many. They call him a billionaire investor , the badshah of BSE .. but what he really was .. is and always will be .. is a dreamer ..
— Smriti Z Irani (@smritiirani) August 14, 2022
Hardeep Singh Puri, Union Minister for Housing & Urban Affairs & Minister for Petroleum and Natural Gas, remembered Jhunjhunwala as a self-made trader and ace investor.
The demise of veteran stock market investor Sh Rakesh Jhunjhunwala Ji is deeply saddening. A self-made trader & ace investor, he had established several businesses & startups including India’s newest airline Akasa Air. Heartfelt condolences to his family & friends. pic.twitter.com/iFhSuf9gZ9
— Hardeep Singh Puri (@HardeepSPuri) August 14, 2022
Jyotiraditya M. Scindia, Union Minister for Civil Aviation & Steel, fondly remembered the veteran stock market investor as someone who gave India its new airline after more than a decade.
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 & loved ones.
— Jyotiraditya M. Scindia (@JM_Scindia) August 14, 2022
Condolences By Akasa Airlines Contemporaries:
#FlyAI: Deeply saddened to hear the shocking news of the passing away of Shri Rakesh Jhunjhunwala. Our sincere condolences to his family members and to the entire Akasa Air family. May God give them the strength to tide over this colossal loss. pic.twitter.com/aUENObiPCz
— Air India (@airindiain) August 14, 2022
We are deeply shocked and saddened by the passing of Mr Rakesh Jhunjhunwala, a man whose love for country and passion for aviation, is an inspiration to us all.
Our deepest condolences to his family, loved ones, colleagues, and admirers. May his soul rest in peace. pic.twitter.com/mfKuqCwhEB
— Jet Airways (@jetairways) August 14, 2022
The man who was eternally bullish on India, the ace investor who inspired millions – Mr. #RakeshJhunjhunwala will remain a legend forever. Sincere #condolences to his family and friends.#SpiceJet #RIPRakeshJhunjhunwala #BigBull pic.twitter.com/dewe6IN6NC
— SpiceJet (@flyspicejet) August 14, 2022