Ace investor Rakesh Jhunjhunwala passes away due to cardiac arrest

Rakesh Jhunjhunwala's last rites will be performed at Banganga Crematorium on Sanday. His lite rites is likely to be performed after 10 pm after his brother arrives from Dubai.

As Rakesh Jhunjhunwala passed away on Sunday in Mumbai, Maharashtra Chief Minister Eknath Shinde left the house of the billionaire business magnate after meeting with his family. 

Rakesh Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis & was responding well. He was diabetic and had recently undergone an angioplasty: Dr Pratit Samdani, Breach Candy Hospital

Expressing his grief over the sudden demise of Rakesh Jhunjhunwala, former Indian cricketer Virender Sehwag said, "End of an Era as the Big Bull of the Dalal Street. Rakesh Jhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti."

"India has not only lost a great stockbroker, but it has also lost a man who believed in India & who recognized the potential of Indian companies. He was a great human being and a great philanthropist & supported many causes," Suhel Seth, friend of Akasa Air founder Rakesh Jhunjhunwala told ANI.

Republic reports LIVE from outside Rakesh Jhunjhunwala's residence; veteran investor's mortal remains brought home in Mumbai. Tune in here- 

Last rites of veteran investor and Akasa Air founder Rakesh Jhunjhunwala will be performed at Banganga crematorium in Mumbai at 5.30 pm today. 

Billionaire investor Rakesh Jhunjhunwala passed away on Sunday morning reportedly due to kidney-related ailments. The 62-year-old business magnate had a net worth of $5.5 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," said Prime Minister Narendra Modi, condoling his demise.

The 'Big Bull of Dalal Street' was known in the bullish market for his uncommonly wise intellect. Take a look at Jhunjhunwala's historic journey in the Indian stock market and how he successfully made over Rs 40,000 crores from just Rs 5,000.

Read full story HERE

"We are deeply saddened by the untimely demise of Rakesh Jhunjhunwala this morning... Akasa Air will honour Rakesh Jhunjhunwala’s legacy, values, and belief in us by striving to run a great airline," said Akasa Air on the demise of its founder Rakesh Jhunjhunwala.

Rakesh Jhunjhunwala's mortal remains have been brought from the Breach Candy Hospital in Mumbai to his residence. His last rites will be held at 5.30 PM today.

Karnataka CM Basavaraj Bommai pays tribute to Rakesh Jhunjhunwala; calls him a 'role model for many young investors, an institution in himself'. 

Assam CM Himanta Biswa Sarma condoles demise, says he will 'remain an inspiration for generations of young investors & entrepreneurs.'

"He was a symbol of India's entrepreneurial spirit & will remain an inspiration for the youth of the country. Akasa Air was recently launched. I extend deep condolences to his family," Union Minister Jyotiraditya M. Scindia on demise of ace investor & Akasa Air founder Rakesh Jhunjhunwala.

Rakesh Jhunjhunwala no more: Tributes pour in for 'Big Bull of Dalal Street'. Tune in to watch here-

Backing India to emerge glorious in the war against COVID-19 and walk down the path of prosperity, business magnate Rakesh Jhunjhunwala had exuded confidence in India's growth and economic boom in an exclusive chat with Republic Media Network's Editor-in-Chief Arnab Goswami in April 2021. 

During the interview, Rakesh Jhunwala made three big predictions for India in the upcoming decade in which he projected India to become the world's pharma and entertainment centre. Here are Rakesh Jhunjunwala's three big predictions for India: 

1. Post-2025 India will grow double digits at least for 2 decades
2. We will have a more cohesive society
3. India could be the pharma and entertainment centre of the world after software. Entertainment will be a very big industry. 

"He was truly a fine fine man. What a lot of people didn't probably know was that he was really empathetic and there were many sides to the man," Suhel Seth pays homage to Rakesh Jhunjhunwala.

"It is a very sad day for the nation. He was deeply involved in encouraging so many people. He was always a job provider,
 said Praveen Khandelwal, Secretary General, CAIT India. 

Prime Minister Narendra Modi had last met Rakesh Jhunjhunwala in October 2021 where he noted that he was very 'bullish' on the Indian economy. In a tweet, PM Modi said, "Delighted to meet the one and only Rakesh Jhunjhunwala...lively, insightful and very bullish on India." A delegation led by Jhunjhunwala also called on Finance Minister Nirmala Sitharaman. A picture of the meeting was shared by the union minister on the micro-blogging site.

Born on July 5, 1960, Jhunjhunwala grew up in a Rajasthani family, in Mumbai, where his father worked as an Income Tax Commissioner. He graduated from Sydenham College and thereafter enrolled at the  Chartered Accountants' Institute of India.

Jhunjhunwala had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th wealthiest man in India.

In addition to being an active stock market investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. He was also on the board of directors of Prime Focus Ltd, Geojit Financial Services, Bilcare Ltd, Praj Industries Ltd, Provogue India Ltd, Concord Biotech Ltd, Innovasynth Technologies Ltd, Mid Day Multimedia Ltd, Nagarjuna Construction Company Ltd, Viceroy Hotels Ltd, and Tops Security Ltd.

Rakesh Jhunjhunwala recently co-founded Indian airline Akasa Air which took its first flight from Mumbai to Ahmedabad on August 7. Akasa Air currently has 2 aircraft, with an additional order for 70 more aircraft, and flies to 3 cities as of August 9, 2022.

In a major loss to the business world, billionaire business magnate and veteran investor Rakesh Jhunjhunwala breathed his last on Sunday morning. Jhunjhunwala, famously referred to as the "Big Bull of Dalal street" and "King of Bull Market" died at the age of 62.

As per reports, Jhunjhunwala had been on a wheelchair for a long time and suffered from multiple health issues. He was brought to Mumbai's Breach Candy hospital at 6:45 am, where the doctors declared him dead.

Born on July 5, 1960, Jhunjhunwala grew up in a Rajasthani family, in Mumbai, where his father worked as an Income Tax Commissioner. He graduated from Sydenham College and thereafter enrolled at the  Chartered Accountants' Institute of India.

Jhunjhunwala had an estimated net worth of $5.5 Billion (as of July 2022), which made him the 36th wealthist man in India.

Just last week, Rakesh Jhunjhunwala's Akasa Air finally touched the Indian sky when the airline's first flight took off from Mumbai to Ahmedabad on August 7. The flight was inaugurated by the Union Minister of Civil Aviation Jyotiraditya Scindia along with Minister of State General (retired) VK Singh. The airline funded by the renowned investor acquired the Air Operator Certificate (AOC) from the governing Directorate General of Civil Aviation(DGCA) earlier in July.