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Indian billionaire business magnate, stock market Investor, Rakesh Jhunjhunwala Death: passes away at 62

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Billionaire investor Rakesh Jhunjhunwala, dubbed “India’s Warren Buffet,” died on Sunday at the age of 62 in Mumbai. He had been ill for a few days and died today in Mumbai’s Breach Candy Hospital, according to hospital sources.

Jhunjhunwala founded Akasa Air and was dubbed “India’s Warren Buffett.”
Rakesh Jhunjhunwala, a self-made trader, investor, and businessman, was the son of an income tax officer and is survived by his wife and three children.


Jhunjhunwala developed a youthful interest in stocks after witnessing his father, a retired tax commissioner, manage market interests, he told Bloomberg News in 2005.


Jhunjhunwala, who graduated with honours from Mumbai’s Sydenham College of Commerce and Economics, borrowed $100 from a brother-in-law in 1985 and began buying shares when he was 25.

According to the Breach Candy Hospital in Mumbai, Jhunjhunwala had been ill for a few days and died today.


Rakesh Jhunjhunwala, who was born on July 5, 1960, attended the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala was the owner of RARE Enterprises, a privately held stock trading firm.
He was also the owner of Akasa Air, India’s newest airline, which took to the sky earlier this month.

Many people questioned why he wanted to create an airline at a time when aviation was struggling, to which he responded, “I say I’m prepared for failure.” Rakesh Jhunjhunwala was always optimistic about India’s stock market, and the majority of the stocks he bought turned out to be multi-baggers. Rakesh Jhunjhunwala died at the age of 62. He began his stock market career while still in college with a Rs 5,000 investment, and he recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo CEO Aditya Ghosh to create Akasa Air, India’s newest budget carrier. On August 7, the airline launched commercial operations with a flight from Mumbai to Ahmedabad.

Jhunjhunwala, an investor with a Midas touch, was the country’s 48th richest man.

Jhunjhunwala invested Rs 5,000 in stock in 1985. That capital had grown to Rs 11,000 crore by September 2018. Rakesh Jhunjhunwala’s death leaves an indelible mark on the financial world, according to Prime Minister Narendra Modi. Rakesh Jhunjhunwala will be remembered for providing India with its new airline, Akasa Air, after more than a decade, said aviation minister Jyotiraditya Scindia on Sunday, while expressing condolences on the ace investor’s death.

Scindia inaugurated Akasa Air’s inaugural flight, from Mumbai to Ahmedabad, on August 7. The airline acquired its air operator licence from the Directorate General of Civil Aviation on July 7. (DGCA).

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