Rakesh Jhunjhunwala, veteran investor, billionaire and the Big Bull of Indian markets died this morning. He was rushed to the Breach Candy Hospital, Mumbai after he suffered a cardiac arrest.
Often referred to as India's Warren Buffett with net worth was $5.8 billion was suffering from multiple health issues and was discharged from the same hospital a few weeks ago after being treated for kidney-related issues.
His sudden death came as a shock to many and many paid their condolences.
Vinay Dube, Founder and CEO at Akasa Air
We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr. Jhunjhunwala's family and friends. May his soul rest in peace.
We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala's legacy, values and belief in us by striving to run a great airline.
PM Modi while paying his condolences shared a photograph of himself with the investor.
"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," PM Modi said in a tweet, sharing a photograph of himself with the investor.
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. pic.twitter.com/DR2uIiiUb7— Narendra Modi (@narendramodi) August 14, 2022
Our thoughts and prayers are with the family of Mr Rakesh Jhujhunwala at the time of their tragic loss.
Mr Jhunjhunwala was a towering figure in India's financial world, and we also commend his recent contribution to Indian aviation with the launch of Akasa Air.
He was an inspiring personality, and will be deeply missed.
Gautam Adani, Chairperson of Adani Group expressing his grief over "untimely passing" of Rakesh Jhunjhunwala said, "India will miss him but we will never forget him".
Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIP???? pic.twitter.com/XrOBM3t0nG— Gautam Adani (@gautam_adani) August 14, 2022
"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!," Uday Kotak, CEO Of Kotak Mahindra Bank posted on twitter.
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!— Uday Kotak (@udaykotak) August 14, 2022
Mining baron Anil Agarwal said Rakesh Jhunjhunwala will forever be known as the man who popularised public understanding of stock markets.
Breaks my heart to know that a friend of mine, and more widely known as the big bull of our stock market, is no more...Rakesh Jhunjhunwala will forever be known as the man who popularised public understanding of stock markets. My prayers go out to his family & friends. Om Shanti???????? pic.twitter.com/tbL1da5cJC— Anil Agarwal (@AnilAgarwal_Ved) August 14, 2022
Finance Minister Nirmala Sitharaman paid her condolences by remembering several conversations with him. She posted:
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— Nirmala Sitharaman (@nsitharaman) August 14, 2022
"So sad to hear that Rakesh Jhunjhunwala has passed away this morning. Have the fondest memories of talking markets with him at Geoffrey's. Rest in Peace," Andrew Holland, CEO Of Avendus Capital Alternative Strategies tweeted.
So sad to hear that Rakesh Jhunjhunwala has passed away this morning. Have the fondest memories of talking markets with him at Geoffrey's. Rest in Peace.— Andrew Holland (@Hollaand) August 14, 2022
Union Home Minister Amit Shah paid his condolences to Rakesh Jhunjhunwala's family. He tweeted:
Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.— Amit Shah (@AmitShah) August 14, 2022
Aviation Minister Jyotiraditya Scindia paid his condolences to Rakesh Jhunjhunwala's family. He posted:
Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India's growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones.— Jyotiraditya M. Scindia (@JM_Scindia) August 14, 2022
Union Defence Minister Rajnath Singh expressed grief on the sudden passing away of stock market investor Rakesh Jhunjhunwala. He tweeted:
Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.— Rajnath Singh (@rajnathsingh) August 14, 2022
Rakesh Jhunjhunwala was the 48th richest man in India, He also backed Akasa Air, India's newest airline which took off earlier this month.