Rakesh Jhunjhunwala, veteran investor, billionaire and the Big Bull of the Indian markets passed away this morning. He was rushed to Breach Candy Hospital in Mumbai after suffering a cardiac arrest.
Often referred to as Warren Buffett of India, who has a net worth of $5.8 billion, he suffered from multiple health problems and was discharged from the same hospital a few weeks ago after being treated for kidney-related problems.
His sudden death came as a shock to many and many expressed their condolences.
Vinay Dube, Founder and CEO at Akasa Air
We are deeply saddened by the untimely passing of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr Jhunjhunwala’s family and friends. May his soul rest in peace.
We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and confidence in us to build a world class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about all things Indian and cared deeply about the well-being of our employees and customers. Akasa Air will honor Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline.
— Akasa Air (@AkasaAir) August 14, 2022
PM Modi shared a photo of himself with the investor while expressing his condolences.
“Rakesh Jhunjhunwala was indomitable. Vibrant, witty and insightful, he leaves an indelible contribution to the financial world,” Prime Minister Modi said in a tweet, sharing a photo of himself with the investor.
Rakesh Jhunjhunwala was indomitable. Lively, witty and insightful, he leaves an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing is sad. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Our thoughts and prayers are with the family of Mr. Rakesh Jhujhunwala at the time of their tragic loss.
Mr. Jhunjhunwala was a towering figure in India’s financial world, and we also commend his recent contribution to Indian aviation with the launch of Akasa Air.
He was an inspiring personality and will be sorely missed.
Gautam AdaniChairman of Adani Group expressing his sadness over “premature passing” of Rakesh Jhunjhunwala said “India will miss him but we will never forget him”.
Deeply saddened by the untimely passing of India’s most legendary investor. Shri Jhunjhunwala with his brilliant views inspired an entire generation to believe in our stock markets. We’ll miss him. India will miss him, but we will never forget him. REST IN PEACE???? pic.twitter.com/XrOBM3t0nG
— Gautam Adani (@gautam_adani) August 14, 2022
“Rakesh Jhunjhunwala: My school and college mate. A year younger than me. Believed India was undervalued. He’s right. Amazingly sharp in understanding financial markets. We spoke regularly, even more so during Covid. I will miss you Rakesh! ” Uday KotakCEO of Kotak Mahindra Bank posted on Twitter.
Rakesh Jhunjhunwala: my school and student companion. One year my junior. Believed India stock was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, even more so during Covid. Will miss you Rakesh!
— Uday Kotak (@udaykotak) August 14, 2022
mining baron Anil Agarwal said Rakesh Jhunjhunwala will forever be known as the man who popularized the public understanding of stock markets.
It breaks my heart to know that a friend of mine, and better known as the great bull of our stock market, is gone… Rakesh Jhunjhunwala will forever be known as the man who popularized the public understanding of stock markets . My prayers go out to his family and friends. Om Shanti???????? pic.twitter.com/tbL1da5cJC
— Anil Agarwal (@AnilAgarwal_Ved) August 14, 2022
Finance Minister Nirmala Sitharaman expressed her condolences by recalling several conversations with him. She posted:
Shri Rakesh Jhunjhunwala is no more. Investor, daring risk taker, masterful understanding of the stock market, clear in communication – a leader in his own right. Think back fondly on several conversations we had. Had a strong belief in the power and possibilities of India. Condolences
— Nirmala Sitharaman (@nsitharaman) August 14, 2022
“So sad to hear that Rakesh Jhunjhunwala passed away this morning. Have fondest memories of talking markets with him at Geoffrey’s. Rest in Peace,” Andrew HollandCEO of Avendus Capital Alternative Strategies tweeted.
So sad to hear that Rakesh Jhunjhunwala passed away this morning. Have the best memories of talking markets with him at Geoffrey’s. Rest in peace.
— Andrew Holland (@Hollaan) August 14, 2022
Interior Minister Amit Shah expressed his condolences to the family of Rakesh Jhunjhunwala. He tweeted:
Scared to hear about the passing of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market has inspired countless investors. He will always be remembered for his optimistic outlook. My deepest sympathy to his family. Om Shanti Shanti.
— Amit Shah (@AmitShah) August 14, 2022
Minister of Aviation Jyotiraditya Scindia expressed his condolences to the family of Rakesh Jhunjhunwala. He posted:
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 sympathy to his family and loved ones.
— Jyotiraditya M. Scindia (@JM_Scindia) August 14, 2022
Defense Minister Rajnath Singh expressed his sadness at the sudden death of stock market investor Rakesh Jhunjhunwala. He tweeted:
Shocked by the sudden passing of the seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He has been at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.
— Rajnath Singh (@rajnathsingh) August 14, 2022
Rakesh Jhunjhunwala was the 48th richest man in India. He also backed Akasa Air, India’s newest airline that launched earlier this month.