Rakesh Jhunjhunwala passes away in Mumbai

Billionaire business magnate, stock trader, and investor Rakesh Jhunjhunwala passed away at the age of 62 on Sunday morning in Mumbai. He was also the co-founder of Akasa Air, India's newest airline which began commercial operations last week. Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities. Jhunjhunwala was discharged from the same hospital a few weeks ago after being treated for kidney-related issues. He will be cremated Sunday evening at Banganga crematorium in Mumbai. 

Jhunjhunwala, apart from being an investor, was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. He was also among the directors of several Indian firms. He was also an advisor to the India's International Movement to Unite Nations.Akasa Air also paid tribute to Jhunjhunwala and thanked him for placing his trust in the venture. Rakesh Jhunjhunwala, often dubbed as "India's Warren Buffett", was always bullish about the country's stock market. Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings. Jhunjhunwala began investing with Rs 5,000 in 1985 when the Bombay Stock Exchange's benchmark index Sensex was at 150; it now trades at over 59,000.

Prime Minister Narendra Modi condoled his death and said the legendary investor "leaves behind an indelible contribution to the financial world." Union Minister for Civil Aviation Jyotiraditya Scindia said he will be remembered for giving India its new airline Akasa Air after more than a decade.