Rakesh Jhunjhunwala was 'indomitable', leaves behind 'indelible' contribution: PM Modi condoles big bull's death

New Delhi: Prime Minister Narendra Modi on Sunday (August 14, 2022) condoled the death of stock market investor Rakesh Jhunjhunwala and said he was "indomitable". PM Modi also said that Rakesh Jhunjhunwala has left behind an "indelible" contribution to the financial world.

In a tweet, he wrote, "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."

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

Union Minister Jyotiraditya M Scindia also expressed grief over Jhunjhunwala's death and said that he was not only an astute businessman, but also passionately invested in India’s growth story.

"He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family & loved ones," Scindia said in a tweet.

Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India’s growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones. — Jyotiraditya M. Scindia (@JM_Scindia) August 14, 2022

Several other union ministers also condoled Rakesh Jhunjhunwala's death.

Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti. — Amit Shah (@AmitShah) August 14, 2022

Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences — Nirmala Sitharaman (@nsitharaman) August 14, 2022

Rakesh Jhunjhunwala passed away in Mumbai

Rakesh Jhunjhunwala died aged 62 at Breach Candy hospital in Mumbai. He was reportedly brought dead to the hospital at around 6:45 am on Sunday.

According to reports, Jhunjhunwala died due to a cardiac arrest.

Rakesh Jhunjhunwala's net worth was USD 5.8 billion

Often referred to as 'India's Warren Buffett' and the Big Bull of Indian markets, Rakesh Jhunjhunwala's net worth was USD 5.8 billion, according to Forbes.

He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air -- India's newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.

An investor with a Midas touch, Jhunjhunwala was the 48th richest man in the country. His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors.