Indian billionaire and ‘Big Bull’ and someone often referred to as the Warren Buffett of India, has passed away this morning. We’re referring to Rakesh Jhunjhunwala who has inspired millions of young businessman, entrepreneurs, and investors in the country. His passing away was confirmed this morning, at the age of just 62 years.
He wasn’t keeping too well since the last few days and he was confirmed dead when he arrived at the hospital itself, Sunday 14th August 2022. The Mumbai-based investor had a varied portfolio which many young investors duplicated and saw plenty of success over the years. He died as the 48th richest person in the country.
Rakesh Jhunjhunwala passes away!
Social media has gone into a frenzy ever since this news was announced earlier this morning. He was known to have a ‘Midas Touch’ because every share he entered into seemed to boom and grow into a wealth creator. Just to put that into perspective, Jhunjhunwala invested Rs. 5,000 as capital in 1985 and by September 2018, that capital had inflated to a whopping and massive Rs. 11,000 Crore.
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
The billionaire veteran investor was also the founder of Akasa Air which only took its first flight a week ago. He has played a big role in the economic development of the country and the Indian Prime Minister Narendra Modi was among the first to share a tribute on Twitter, calling him indomitable, full of life, and witty.
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Indian billionaire banker and current managing director of Kotak Mahindra Bank, Uday Kotak, is also one of several other billionaires in the country who consider Jhunjhunwala as the king of the Indian stock markets. He also took to social media to put out a tribute to the investor, while Jagat Prakash Nadda also did the same.
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
The Indian low-cost airline headquartered in Mumbai, Akasa Air, is also in shock as they’ve lost their founder. They have a fleet size of three and commenced operations only on 7 August 2022. They put out a message saying they will honour his legacy, values, and belief in order to run a great airline. See below:
We are deeply saddened by the untimely demise of Rakesh Jhunjhunwala this morning… Akasa Air will honour Rakesh Jhunjhunwala’s legacy, values, and belief in us by striving to run a great airline: Akasa Air on the demise of its founder Rakesh Jhunjhunwala pic.twitter.com/Ql9nO7DwOr
— ANI (@ANI) August 14, 2022
Business, columnist and founder of consultancy firm Counselage India Suhel Seth also posted a picture with Jhunjhunwala, saying that the best part about the latter was his empathetic side. Amit Shah, Rajdeep Sardesai, Rajnath Singh, Aaditya Thackeray, Dibakar Dutta, Nirmala Sitharaman, and hundreds of others also posted messages online.
His last supper at my home in Gurgaon…a fine man and astute too a tee but what was most amazing was his empathetic side! RIP Rakesh Jhunjhunwala 🙏 pic.twitter.com/JeGwqqhZUZ
— SUHEL SETH (@Suhelseth) August 14, 2022
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