Rakesh Jhunjhunwala Death LIVE Updates: Rakesh Jhunjhunwala, Indian billionaire business magnate, passes away at 62

Billionaire investor Rakesh Jhunjhunwala often referred to as ‘India’s own Warren Buffet’, passed away at the age of 62 in Mumbai on Sunday morning because of kidney ailments, according to sources. He was not keeping well for the past few days and breathed…

The 62-year-old business magnate is worth $5 billion. He is survived by his wife, two sons, and a daughter.

“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” tweeted Prime Minister Narendra Modi.

Junjhunwala was brought dead at Breach Candy hospital in Mumbai at 6:45 am on Sunday, according to the TV channel CNN IBN.

He was also the promoter of Akasa Air and Star Health & Allied Insurance.

Rakesh Jhunjhunwala was born on July 5, 1960, and grew up in Mumbai, where his father was posted as an income tax officer. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India. He is married to Rekha Jhunjunwala, who is also a stock market investor.

According to sources, the investor was brought to Candy Breach Hospital at 6:45 AM in the morning and was declared dead. He was suffering from multiple health issues including kidney ailments and had been discharged from the hospital a few weeks ago, they said.

Both a trader and a chartered accountant, and one of the richest men in the country, he was last seen in public at Akasa Air’s launch.

Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in the capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.

After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers regularly because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.

But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.

In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.

Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.

Stocks to watch: Coal India, IRCTC, Indigo, Tata Consumer, Glenmark, SAIL