Ace Indian billionaire and stock trader, Rakesh Jhunjhunwala, has passed away at age 62, as per the media reports.
According to Breach Candy Hospital in Mumbai, Jhunjhunwala was not keeping well for the past few days and breathed his last today.
Jhunjhunwala was given the nickname ‘Big Bull of Dalal Street’ for his unique investing style.
Akasa Air – India’s newest budget carrier – was one of the business ventures of Rakesh Jhunjhunwala. The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad.
Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Akasa Air is an Indian airline co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey. The airline currently has 2 aircraft, with an additional order for 70 more aircraft, and flies to 3 cities as of 9th Aug 2022.
Born on July 5, 1960, Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
He had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th richest man in India.
Besides being an active investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
He was popularly referred to as the “Big Bull of India” and the “King of Bull Market”, and was widely known for his stock market predictions and bullish outlooks.
Taking to microblogging site Twitter, Prime Minister Narendra Modi paid condolences to his family.