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Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities. He was 62.
Jhunjhunwala was discharged from the same hospital a few weeks ago after being treated for kidney-related issues. He will be cremated this evening at Banganga crematorium in Mumbai.
The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion. He was the 36th richest billionaire in India, according to Forbes' 2021 listing.
He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air - which took to the skies last week. He was seen on a wheelchair at the launch of Akasa Air.
In a statement, Akasa Air condoled Rakesh Jhunjhunwala's death and said that he cared greatly for the well-being of its employees and customers. "Akasa Air will honour his legacy, values and belief in us by striving to run a great airline," the statement said.
Rakesh Jhunjhunwala, often dubbed as "India's Warren Buffett", was always bullish about the country's stock market.
Overall, Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings. He was also the chairman of Hungama Media and Aptech.
His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also an investor.
Rakesh Jhunjhunwala was born on July 5, 1960. His father worked as an Income Tax officer in Mumbai. A chartered accountant by qualification, Jhunjhunwala began investing with Rs 5,000 in 1985 when the Bombay Stock Exchange's benchmark index Sensex was at 150; it now trades at over 59,000.
Prime Minister Narendra Modi condoled his death and said the legendary investor "leaves behind an indelible contribution to the financial world." Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.
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