Indian stock market billionaire Jhunjhunwala dies at 62

NEW DELHI, Aug 14 (Bernama) — India’s veteran stock market investor Rakesh Jhunjhunwala passed away in Mumbai on Sunday at the age of 62.

Jhunjhunwala suffered a cardiac arrest in the morning and was pronounced dead on arrival at hospital, according to media reports.

Political and business leaders offered their condolences on the billionaire’s demise.

“A self-made trader and ace investor, he had established several businesses and startups including India’s newest airline Akasa Air,” Indian Petroleum Minister Hardeep Singh Puri said.

Akasa Air in a statement said Jhunjhunwala was “deeply passionate about everything Indian” and the airline will honour his legacy.

Commerce Minister Piyush Goyal described Jhunjhunwala as “an inspiration for wealth creation” for millions of people.

Many in India likened Jhunjhunwala, whose estimated net worth was US$5.8 billion, to the US business magnate Warren Buffett for his sharp stock market insights.

“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,” Indian Prime Minister Narendra Modi said in a tweet.



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