Rakesh Jhunjhunwala, a renowned stock market investor, passed away this morning in a Mumbai hospital. Additionally, he was a founding partner of Akasa Air, the newest airline in India that just last week started taking passengers.
The Big Bull of Dalal Street, a seasoned trader-cum-investor, was said to have a net worth of almost $5.8 billion. In India, he ranked 36th among billionaires, according to a Forbes list from 2021.
He recently joined forces with former IndiGo CEO Aditya Ghosh and ex-Jet Airways CEO Vinay Dube to start Akasa Air, which took to the skies last week. At the introduction of Akasa Air, he was spotted using a wheelchair.
July 5, 1960 marked Rakesh Jhunjhunwala’s birth. In Mumbai, his father was a revenue official. Jhunjhunwala, a chartered accountant by profession, started investing with 5,000 in 1985 when the benchmark index Sensex for the Bombay Stock Exchange was trading at 150; it now trades at over 59,000.
His condition worsened this morning, and he was returned to the same hospital. However, the medical staff there ruled him to be “brought dead.” According to hospital staff, the millionaire had experienced a heart arrest.
Top businessmen like Gautam Adani and Uday Kotak and political figures like Prime Minister Narendra Modi expressed their sorrow over Jhunjhunwala’s passing. He said the legendary investor “leaves behind an indelible contribution to the financial world.”
