Mumbai: Ace equity investor Rakesh Jhunjhunwala died of a sudden cardiac arrest, Dr Pratiti Samdani, Breach Candy Hospital, Mumbai said on Sunday afternoon. Known as 'big bull' of the Dalal street and India's Warren Buffet, Jhunjhunwala passed away today morining. He was 62.
"Rakesh Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty," Dr Pratit Samdani was quoted as saying by news agency ANI.
A self-made trader, investor and businessman, Jhunjhunwala, with an estimated net worth of around USD 5. 8 billion (about Rs 46,000 crore) was the 36th richest billionaire in India, according to Forbes' 2021 listing. Jhunjhunwala was brought dead at the Breach Candy hospital on Sunday morning.
His last rites will be performed today evening after his brother arrives from Dubai. Jhunjhunwala made his debut in the Indian stock market in 1985 while he was still in college and had just pumped in Rs 5,000. By September 2018, his capital rose to a whooping Rs 11,000 crore.
Dont Miss: Big Bull of Dalal Street no more: 20 lesser known facts about Rakesh JhunjhunwalaWhen he made his first investment, The Bombay Stock Exchange's benchmark index Sensex was at 150 and now it trades around 60,000 points. It was in 1986, when Jhunjhunwala earned his first big profit when he bought 5,000 shares of Tata Tea at Rs 43 and the stock price increased to Rs 143 in just three months. In three years, he made Rs 20-25 lakh.
Jhunjhunwala was always bullish about India's stock market. Also, whatever stocks he purchased mostly turned into a multi-bagger. He 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 on 7 August this year with its maiden flight from Mumbai to Ahmedabad. Must Read: Rakesh Jhunjhunwala passionately invested in India's growth, will be remembered for Akasa Air: Jyotiraditya ScindiaHe held a big portfolio and had investments in over three dozen companies, the most valuable being in Titan, part of the Tata conglomerate. His portfolio includes companies including Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors.
Prime Minister Narendra Modi, who met Jhunjhunwala and his wife Rekha Jhunjhunwala last year, described him as 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," PM Modi tweeted as he condoled the demise of the billionaire.
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