Rakesh Jhunjhunwala, ace investor and one of India's richest people, dies at 62

Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala has passed away at the age of 62 in Mumbai. He was not keeping well for the past few days and breathed his last on Sunday in Breach Candy Hospital in Mumbai, as per the hospital sources, ANI reported.

He is survived by his wife and three children. Born on July 5, 1960, Jhunjhunwala grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor. He is often referred to as India`s own Warren Buffet.

Jhunjhunwala started trading when he was in college in 1985. He invested Rs 5,000 as his capital in the stock market. 

Jhunjhunwala started his journey in stock markets while still in college with a capital of just Rs 5,000. His wealth was pegged over Rs 40,000 crore, according to Forbes.

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Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month. He had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.

Prime Minister Narendra Modi has expressed grief on the sudden passing away of ace stock market investor. 

"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," PM Modi tweeted

A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."

He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

He had also shot into the limelight for his palace-like new residence coming up at Malabar Hill in south Mumbai, and had been on the board of several top companies.

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