MUMBAI: Stock investor Rakesh Jhunjhunwala, called “India’s Warren Buffett” with an estimated internet worth of US$6 billion, died early on Sunday (Aug 14) at age 62, their family said.
A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala started dabbling in stocks whilst in college and continued to manage a stock trading firm, RARE Corporations.
“Rakesh-ji passed away surrounded by their family and close helps, ” a family member informed Reuters, using an expression for respect.
The cause of death was not immediately announced.
The promoter associated with India’s newest airline, the ultra-low-cost Akasa Air, Jhunjhunwala made an appearance days ago from its public launch. He is survived by his wife and three children.
Jhunjhunwala’s excellent communication skills helped little investors understand the stock market, said businessmen and bankers based in India’s financial capital, Mumbai, who had interacted with him for more than 30 years. Their insights on the economy and companies made him a popular TELEVISION celebrity.
Jhunjhunwala’s bets include a quantity of companies run by Tata Group, certainly one of India’s largest conglomerates. These include Tata Motors, watchmaker Titan, Orde Communications and Indian Hotels Co, which runs the Taj hotels.
Additional investments include Indiabulls Housing Finance, Superstar Health Insurance and Federal government Bank
“We are deeply saddened, ” Akasa Atmosphere, which Jhunjhunwala co-founded, said in a statement. “We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us and putting his trust plus faith in us to build a worldclass airline. ”
Major politicians plus business leaders mourned also his dying on social media.
“Rakesh Jhunjhunwala has been indomitable, ” Primary Minister Narendra Modi wrote on Tweets.
“Full of life, witty and insightful, he leaves behind an indelible contribution to the financial entire world. He was also extremely passionate about India’s progress. His passing away is saddening. My condolences to his as well as admirers. ”
Modi ended along with “Om Shanti”, a good invocation of serenity.
Uday Tampilan, the chief executive associated with Kotak Mahindra and also a friend from school times, said Jhunjhunwala acquired “believed stock India was undervalued” which he was correct.
“Amazingly razor-sharp in understanding economic markets, ” Tampilan tweeted. “We talked regularly, more so throughout COVID. Will miss you Rakesh! inch