INDIA. Mumbai: Rakesh Jhunjhunwala, a multi billionaire businessman, stock trader, and investor, died on Sunday morning at the age of 62.
According to sources, he was brought dead to the Mumbai Breach Candy Hospital at 6:45 in the morning.
He was suffering from kidney ailments. According to sources, he was undergoing dialysis on a regular basis as both his kidneys had failed.
Jhunjhunwala received his hospital discharge two to three weeks ago.
Recently, multi-billionaire businessman entered the aviation sector with Akasa Air, which took off on August 7. He was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. in addition to being an investor.
He served as a director for a number of Indian businesses. He also provided advice to the India International Movement at the UN.
Prime Minister Narendra Modi expressed his sorrow at the demise of Jhunjhunwala. “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. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” he tweeted.
Early life of Jhunjhunwala
Rakesh Jhunjhunwala, who was born on July 5, 1960, into a middle-class family, made his initial investment in the stock market in 1985 with just Rs 5,000. At the time, he was a college student. His net worth was estimated by Forbes to be around $5.5 billion as of its most recent assessment.
Jhunjhunwala claims that after hearing his father talk about the stock market, he became interested in it. Since the beginning of his career in stocks, he has taken calculated risks.
When he purchased shares of Tata Tea in 1986, he made his first significant profit. He purchased 5,000 shares of Tata Tea for only Rs. 43, and within three months, the stock increased to Rs. 143. He profited more than three times over. Jhunjhunwala made between Rs 20 and Rs 25 lakh over the following three years.