Rakesh Jhunjhunwala was brought dead to the Breach Candy Hospital in Mumbai at 6.45 am.
Veteran stock market investor, trader, and Indian billionaire Rakesh Jhunjhunwala died at 62 in Mumbai on Sunday.
According to reports, following a cardiac arrest, he was taken to the Breach Candy Hospital, where he was declared brought dead at 6:45 am. He had been undergoing treatment for multiple health issues including kidney ailment, as per reports. He was last seen at the launch event of Akasa Air. He will be cremated at Banganga Crematorium in Malabar Hill on Sunday.
With a net worth of $5.5 billion as of July 2022, Jhunjhunwala was ranked the 36th richest man in India. Apart from being a stock market maverick, Jhunjhunwala also owned several ventures including the newly launched Akasa Air. He had also served as the chairman of Hungama Media and Aptech, and the director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services. Popularly known as the 'Big Bull of Stock Market' and 'King of Bull Market', he was known for the bullish outlook of Dalal Street.
Born on July 5, 1960, Jhunjhunwala was a graduate of Sydenham College. He later enrolled at the Institute of Chartered Accountants of India. Known as India's Warren Buffet, Jhunjhunwala started investing in Dalal Street in 1985. His first investment was Rs 5,000 crore. By 2018, his capital grew to Rs 11,000 crore.
Condoling his sudden demise, Prime Minister Narendra Modi said, "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."