New Delhi: Ace stock market investor Rakesh Jhunjhunwala passed away in Mumbai at the age of 62, a family member confirmed to ABP LIVE on Sunday.


An investor with a Midas touch, Jhunjhunwala was the 48th richest man in the country. Often called "India's Warren Buffett" and the "Big Bull," his wealth was pegged at $5.8 billion, as per Forbes.


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Jhunjhunwala died early in the morning due to a cardiac arrest, news agency PTI reported citing a source in his newly set up airline 'Akasa Air'.


Jhunjhunwala was a chartered accountant by education but he chose Dalal Street instead of auditing accounts. In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.


His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors.


Overall, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors, and Metro Brands were some of his largest holdings.


He was the chairman of Hungama Media and Aptech and was on the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.


Born on July 5, 1960, in a Rajasthani family, Jhunjhunwala grew up in Bombay. His father worked as a commissioner of Income Tax.


Jhunjhunwala graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.


He started his journey in stock markets while still in college with a capital of just Rs 5,000. He bought the shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. In three years, he earned Rs 20-25 lakh.


When Jhunjhunwala entered the stock market, the Sensex was at 150 points.


Recently, Rakesh Jhunjhunwala backed Akasa Air - India's newest budget carrier. The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to Ahmedabad, Gujarat. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.


Notably, his privately owned stock trading firm Rare Enterprises derives its name from the first two initials of his name and his wife Rekha's name.


He is survived by his wife and three children.


(With Agency Inputs)