MUMBAI, 14 AUGUST, 2022 (GPN): The Big Bull of Dalal Street and Ace stock market investor Rakesh Jhunjhunwala 62, often referred to as India’s own Warren Buffet passed away today, A week back he had just taken 1st Flight of his newly launched Akasa Air. He was the Co-founder of the India’s newest Airlines Akasa Air which commenced commercial operations last week.Rakesh Jhunjhunwala, who held 40 per cent stake in Akasa Air, appeared publicly for the last time at the airline’s inaugural flight between Mumbai and Ahmedabad on August 7.

Rakesh Jhunjhunwala had a sudden cardiac arrest this Sunday morning at 6.45 am which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis & was responding well. He was diabetic and had recently undergone an angioplasty: Dr Pratit Samdani, Breach Candy Hospital Said to GPN.

Rakesh Jhunjhunwala was born on July 5, 1960. India’s 36th richest Indian, with a net worth crossing $5.8 billion. A chartered accountant by profession hailing from Rajasthan.

Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata conglomerate. His portfolio includes companies like Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors.

Take his most recent success. Metro Brands debuted with its IPO last December when start-ups were the talk of the town. Jhunjhunwala identified the company’s potential with its right mix of products and eventually bought 14.4% of its shares through his wife and business partner, Rekha. On Friday alone, as the company’s stock rose 7% in a day, his wealth went up by ₹221 crore.

Rakesh Jhunjhunwala’s father worked as an Income Tax officer in Mumbai. A chartered accountant by qualification, Jhunjhunwala began investing with Rs 5,000 in 1985 when the Bombay Stock Exchange’s benchmark index Sensex was at 150; it now trades at over 59,000.

The world may call him by different names but Rakesh Jhunjhunwala, my classmate for eleven years in school, remains RJ to us, whom I last met, just a few days back! the news was a big shock to Barot’s, said Kamlesh Barot

Maharashtra Chief Minister Eknath Shinde and other leaders from the state on Sunday expressed condolences on the demise of veteran stock market investor Rakesh Jhunjhunwala. “India has lost a gem, who made a mark not just on the stock market but on the minds of almost every investor in India,” Shinde tweeted. Jhunjhunwala, 62, passed away on Sunday morning in Mumbai. Maharashtra Deputy Chief Minister Devendra Fadnavis said Jhunjhunwala’s contribution to the Indian industry will always be remembered. ”

Prime Minister Narendra Modi condoled his death and said the legendary investor “leaves behind an indelible contribution to the financial world.” Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.