A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala got into stocks while in college and went on to run a stock trading firm, RARE Enterprises. “Rakesh-ji died surrounded by his family and close aides,” a family member told Reuters, using a term of respect. The cause of death was not immediately announced. The promoter of India’s newest airline, ultra-low-cost Akasa Air, Jhunjhunwala came up with its IPO days ago. He is survived by his wife and three children. An ambulance leaves Breach Candy Hospital carrying Rakesh Jhunjhunwala in Mumbai on August 14, 2022. AFP via Getty Images Jhunjhunwala’s excellent communication skills have helped small investors understand the stock market, said businessmen and bankers based in India’s financial capital, Mumbai, who have interacted with him for more than 30 years. His knowledge of the economy and companies made him a popular TV celebrity. Jhunjhunwala’s bets include a number of companies run by the Tata Group, one of India’s largest conglomerates. These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels. Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank. Media cameras are seen outside Breach Candy Hospital where Rakesh Jhunjhunwala was admitted in Mumbai on August 14, 2022. AFP via Getty Images Major politicians and businessmen mourned his death on social media. “Rakesh Jhunjhunwala was indomitable,” tweeted Prime Minister Narendra Modi. “Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about the progress of India. His death is sad. My condolences to his family and fans.” Modi ended with ‘Om Shanti’, an invocation of peace. Uday Kotak, managing director of Kotak Mahindra and a friend since school days, said Jhunjhunwala “thought the Indian stock was undervalued” and that he was right. “Amazingly sharp in his understanding of financial markets,” Kotak tweeted. “We talked regularly, more so during COVID. I will miss you Rakes!”
