Billionaire investor Rakesh Jhunjhunwala passed away on early on Sunday morning because of kidney ailments, according to sources.
The 62-year-old business magnate is worth $5 billion. He is survived by his wife, two sons and a daughter.
"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," tweeted Prime Minister Narendra Modi.
Junjhunwala was brought dead at Breach Candy hospital in Mumbai at 6:45 am on Sunday, according to TV channel CNN IBN. He was suffering from kidney disease and ischemic heart disease. The hospital certified that cardiac arrest was the cause of death.
"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," tweeted Finance Minister Nirmala Sitharaman.
He was also the promoter of Akasa Air and Star Health & Allied Insurance.
Rakesh Jhunjhunwala was born on July 5, 1960 and grew up in Mumbai, where his father was posted as an income tax officer. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountant of India. He is married to Rekha Jhunjunwala, who is also a stock market investor.
Kotak Mahindra Bank Managing Director Uday Kotak missed a friend. "Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!" he tweeted.
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