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Rakesh Jhunjhunwala Dies At 62, Week After 1st Flight Of His Akasa Air


Veteran investor also known as Big Bull of Dalal Street

Mumbai:
Stock market investor Ace Rakesh Jhunjhunwala passed away this morning at a hospital in Mumbai. He is also the co-founder of Akasa Air, India’s newest airline to start commercial operations last week.

Here are the top 10 updates on this big story

  1. Rakesh Jhunjhunwala was taken to Breach Candy Hospital in Mumbai at around 6:45 a.m. after he went into cardiac arrest. He was declared dead by hospital authorities. He is 62 years old.

  2. Jhunjhunwala suffered from many health problems and was discharged from the same hospital a few weeks ago after being treated for kidney problems. He will be cremated tonight at the Banganga crematorium in Mumbai.

  3. The veteran investor and trader, known as the Big Bull of Dalal Street, has a net worth of about $5.8 billion, according to Forbes. He is the 36th richest billionaire in India.

  4. He recently teamed up with former Jet Airways CEO Vinay Dube and former IndiGo chief Aditya Ghosh to launch Akasa Air – which took to the skies last week. He was seen in a wheelchair during the launch of Akasa Air.

  5. In a statement, Akasa Air mourned the death of Rakesh Jhunjhunwala and said he cared deeply for the well-being of its employees and customers. “Akasa Air will honor his legacy, values ​​and beliefs in us by working to run a great airline,” the statement said.

  6. Rakesh Jhunjhunwala is also known as the “Warren Buffett of India” who is mostly bullish on the country’s stock market.

  7. Overall, Jhunjhuwala has invested in more than three dozen companies. Titan, Star Health, Tata Motors and Metro Brands are some of his biggest holdings. He is also the president of Hungama Media and Aptech.

  8. His privately owned stock trading company Rare Enterprises derives from the first two letters of his name and that of his wife, Rekha, who is also an investor.

  9. Rakesh Jhunjhunwala was born on July 5, 1960. His father is an Income Tax officer in Mumbai. A qualified accountant, Jhunjhunwala started investing with Rs 5,000 in 1985 when Bombay Stock Exchange’s Sensex benchmark index was at 150; it currently trades at over 59,000.

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



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