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Rajnath Singh, Amit Shah express grief on Rakesh Jhunjhunwala's demise

News Agencies | Updated on: 14 August 2022, 11:28 IST
Rakesh Jhunjhunwala

Union Defence Minister Rajnath Singh and Home Minister Amit Shah on Sunday expressed grief on the sudden passing away of ace stock market investor Rakesh Jhunjhunwala.

"Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers," Singh tweeted.

"Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti," Shah tweeted.

Jhunjhunwala, often referred to as India's own Warren Buffet passed away at the age of 62. He was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai, as per the hospital sources.

Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai.

"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," prime minister Modi tweeted.

"His passing away is saddening. My condolences to his family and admirers. Om Shanti," Modi added in his tweet.

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.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.

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.


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First published: 14 August 2022, 11:28 IST