Rakesh Jhunjhunwala, a colourful stock market tycoon who was branded by local media as “India’s Warren Buffet,” has passed away, his office announced on Sunday, only one week after he introduced the nation’s newest airline.
Rakesh-ji died away with his close friends and relatives by his side, a family member said in a respectful tone. The reason for the death wasn’t made public right away.
The 62-year-old was described as “indomitable” by Prime Minister Narendra Modi, who also echoed tributes from other top officials and called the tycoon’s passing “saddening.”
Jhunjhunwala co-founded Akasa Air, which released a statement saying, “We are profoundly devastated.” “We at Akasa cannot express our gratitude enough to Jhunjhunwala for believing in us early on and placing his trust and belief in us to establish a world-class airline,”
A former classmate and current chief executive of Kotak Mahindra, Uday Kotak, claimed that Jhunjhunwala had “believed stock India was cheap” and that he was correct.
Kotak tweeted, “Amazingly smart in understanding financial markets.” We communicated frequently, especially throughout Covid. You’ll be missed, Rakesh!
