Mumbai, August 14 (Dumanimail) Billionaire investor Rakesh Jhunjhunwala passed away on early Sunday morning because of kidney ailments, said sources.
The 62-year-old business magnate is said to have a net worth of $5 billion.
He is survived by his wife, two sons and a daughter.
Prime Minister Narendra Modi payed tributes to the departed soul, he wrote on Twitter
“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,”
Sources said Junjhunwala was brought dead at Breach Candy hospital in Mumbai at 6:45 am on Sunday.
He was suffering from kidney disease and ischemic heart disease. The hospital certified that cardiac arrest was the cause of death.
Finance Minister Nirmala Sitharaman fondly remembered Jhunjhunwalah
she tweeted
“Veteran investor, bold risk taker, masterly understanding of the stock market, clear in communication – a leader in his own right, sources added.
Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences,”
Rakesh Jhunjhunwala was born on July 5, 1960 and grew up in Mumbai, where his father was posted as an income tax officer.
He was both a trader and a chartered accountant and one of the richest men in the country. He was also chairman of Hungama Media and Aptech, and also served as a director of Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services.
He was also the promoter of Akasa Air and Star Health and Allied Insurance.
When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive head first into Dalal Street.
Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.
He is married to Rekha Jhunjunwala, who is also a stock market investor.
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