Veteran stock market investor Rakesh Jhujhunwala’s last rites were held at Mumbai Banganga Crematorium on Sunday night, reported news agency PTI. Jhunjhunwala, who was not keeping well for some time, passed away on Sunday morning due to cardiac arrest at the age of 62.
The cremation was scheduled to be held at 5:30 pm on Sunday but was delayed as the arrival of Jhunjhunwala’s brother was awaited from Dubai, reported the news agency.
The ace stock market investor was brought dead at the city's Breach Candy Hospital early on Sunday morning. Suffering from kidney disease and ischemic heart disease, the hospital certified that cardiac arrest was the cause of his death, as per the report.
Host of politicians cutting across party lines, and corporate leaders condoled his death, earlier in the day.
Son of an income tax officer, Jhunjhunwala is survived by his wife and three children.
His latest venture was the Akasa Air, a new buget carrier, which commenced operation operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Known as "India's Warren Buffet", Jhunjhunwala is valued at $5.8 billion according to Forbes.
Besides being an active investor Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Private Limited and was in the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.
His most valuable listed holding is watch and jewellery maker Titan, part of the Tata conglomerate. Jhunjhunwala's early bets on Star Health and Allied Insurance and Metro Brands paid off when both companies listed in 2021.
Jhunjhunwala, a commerce graduate from Mumbai University and a qualified CA is a self made man with investments as his prime source of income who started dabbling in stocks while still in college.