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Rakesh Jhunjhunwala, known as India’s Warren Buffett, dies at age 62

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Rakesh Jhunjhunwala

(CTN News) –  Rakesh Jhunjhunwala, a veteran stock market investor and Indian billionaire who was nicknamed India’s version of Warren Buffett by the press trust of India, passed away yesterday in Mumbai city.

According to the press trust of India. He was 62 years old when he passed away.

Prime Minister Narendra Modi tweet for Rakesh Jhunjhunwala

Prime Minister Narendra Modi led tributes for the business magnate Rakesh Jhunjhunwala, whose net worth was estimated at $5.8 billion by Forbes.

 
Modi tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty, and insightful, he left behind an indelible mark on finance,” and expressed his condolences to his family.
Local media reported that he was suffering from various health issues at the time of his death, but no cause of death has been released.
 
When he was still in college, Rakesh Jhunjhunwala began investing in the stock market with just 5,000 rupees ($63). His next step was to establish and manage RARE Enterprises, an asset management company. He became one of India’s richest men by investing in some of its largest companies as his net worth steadily grew.
 
He helped launch Akasa Air, a low-cost airline that took its first flight last week. Jhunjhunwala was seen at the launch in a wheelchair, local media reported.
 
As a result of his death, the airline expressed “deep sadness.” Akasa expressed its gratitude for Mr. Jhunjhunwala’s trust and faith in building a world-class airline.
 
Jhunjhunwala was also known as the “Big Bull” of the country’s Bombay Stock Exchange. He was a man who was known for taking risks in both the stock market and in his investments.
 
In a tweet, Finance Minister Nirmala Sitharaman described him as an investor, a bold risk-taker, and someone who must have a masterful understanding of the stock market, calling him a “leader in his own right” who believed strongly in India’s strength and growth.
 
Last week, when speaking to news channel CNBC-TV18, Jhunjhunwala said that the Indian market is likely to grow, but at a slower pace in the near future, despite the unfavorable economic conditions around the world.
 
His wife and three children survive him, as well as his parents
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