He had a net worth of $5.8 billion At the time of his death, according to Forbes, Jhunjhunwala was described as an “investor with a Midas touch”. His latest venture, a low-cost airline called Akasa Aviationstarted working in India last week.
“We are deeply saddened by the untimely passing of Rakesh Jonghunwala this morning,” Akasa Air said in a statement on Sunday, praising the entrepreneur’s “indomitable spirit” and passion for “everything Indian.”
The cause of death was not immediately known. A member of the Jonghunwala family Reuters “The investor died surrounded by his family and close associates.” His wife, Rekha Gonjunwala, and three children are survived.
Local media reported that Jhunjhunwala was In poor health was Back in a wheelchair At the Akasa Air launch event last Sunday.
Indian politicians and businessmen have expressed their condolences on the death of Jonghunwala. Many praised his efforts in educating people about stock trading, as well as his optimism about India and its economy.
“Rakesh Jonghunwala was invincible”, Indian Prime Minister Narendra Modi He said. “Full of life, intelligent and insightful, he leaves behind an indelible contribution to the world of finance. He was also very passionate about India’s progress.”
“An investor, a bold risk taker, a savvy understanding of the stock market, clear communication – a leader in his own right,” Indian Finance Minister Nirmala Sitharaman wrote on Twitter.
In 2021 an interview With India’s Economic Times, Jhunjhunwala expressed confidence in India’s ability to overtake China as the world’s second largest economy. He said, “You can call me an idiot, or you can call me anything, and I may not live to see it, but I can tell you one thing – India will overtake China in the next twenty-five years.”
Jhunjhunwala “believes India’s stock is undervalued. Uday Kotak, a billionaire banker from India who said he was right,” wrote Uday Kotak, a billionaire banker from India I went to school with Jhunjhunwala They described him as someone “amazingly sharp in understanding financial markets”.
Jhunjhunwala was born in July 1960 and raised in Mumbai. He completed his undergraduate studies at the University of Mumbai and later graduated from the Institute of Chartered Accountants of India.
His father was a Commissioner of Income Tax Department of the Government of India and gave Jhunjhunwala Investment advice, according to Financial Express. Jhunjhunwala invested only $100 in the stock market As a 25-year-old student, according to Forbes – and eventually grew that into a multi-billion dollar portfolio.
He was also an Indian film enthusiast and co-produced three Bollywood films between 2012 and 2016.
Indian market commentator Ajay Baga told the BBC: Jhunjhunwala “The Body of India’s Story” – “A young middle-class boy rises through the ranks to build up such tremendous wealth.”