Veteran stock market investor and Indian billionaire Rakesh Jhunjhunwala, nicknamed India’s own Warren Buffett, died in Mumbai city at the age of 62, the Press Trust of India news agency reported.
India’s prime minister Narendra Modi led the tributes for the business magnate, who had an estimated net worth of 5.8 billion US dollars, according to Forbes.
“Rakesh Jhunjhunwala was indomitable.
“Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” Mr Modi tweeted, and also expressed his condolences to Mr Jhunjhunwala’s family.
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/DR2uIiiUb7Advertisement
— Narendra Modi (@narendramodi) August 14, 2022
His cause of death has not yet been released, although he was said to be suffering from various health issues, local media reported.
Mr Jhunjhunwala, a chartered accountant from the northern state of Rajasthan, began investing in the stock market while he was still in college, starting off with capital of just 5,000 rupees (63 US dollars).
He went on to establish and manage RARE Enterprises, an asset management firm.
As his net worth steadily rose, he became one of India’s richest men with investments in some of the country’s biggest companies.
Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences
— Nirmala Sitharaman (@nsitharaman) August 14, 2022
In his latest venture, he teamed up with two Indian airline chief executives to launch the low-cost Akasa Air, which took its first flight last week.
Mr Jhunjhunwala was seen at the launch in a wheelchair, local media reported.
Also called the Big Bull of the country’s Bombay Stock Exchange, Mr Jhunjhunwala was known for taking risks in the market and in his investments.
“Investor, bold risk-taker, masterly understanding of the 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 an interview last week with news channel CNBC-TV18, Mr Jhunjhunwala said despite the unfavourable economic conditions across the world, “the Indian market will grow, but at a slower pace”.