Here are 5 facts about him:
Rakesh Jhunjhunwala, often referred to as India's Warren Buffet, was born in Hyderabad on July 5, 1960 and grew up in Mumbai.
After graduating from Sydenham College, he enrolled in Institute of Chartered Accountants of India and married Rekha Jhunjunwala, also a stock market investor.
Mr Jhunjhunwala was known to be bullish about India's stock market and whatever stocks he purchased mostly turned into multibagger.
Mr Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He also backed India's newest airline Akasa Air which took off in Indian skies earlier this month.
Asked why he started the venture when the aviation sector was not doing well. "I say I'm prepared for failure," he had replied.
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