Rakesh Jhunjhunwala, the 62-year-old billionaire founder and CEO of Akasa Air, died today after a first flight of his new airline. Jhunjhunwala had been in intensive care since then. He is survived by his wife and two young sons.
Jhunjhunwala’s death comes as a major blow to the nascent airline industry, which has been struggling with high costs and delays. Akasa Air was supposed to be one of the most exciting new entrants into the market, but now it’s likely that its fate will be determined by Jhunjhunwala’s death rather than its successes.
Jhunjhunwala was born in India but moved to the United States in his twenties to study engineering at Yale University.
Rakesh Jhunjhunwala, veteran stock investor and head of the Quantum Group, died in Mumbai on Monday at the age of 62 after a long battle with cancer. Known as one of India’s most successful investors, Jhunjhunwala made his first million by the time he was 30 and went on to amass a fortune estimated at $4.2 billion.
Jhunjhunwala rose to prominence in the early 1990s when he developed a successful investment strategy based on technical analysis of stock prices. His strategies were initially ridiculed by many industry insiders but eventually earned him widespread respect and admiration among fellow investors.
Over the years, Jhunjhunwala has made several controversial investments that have often come under scrutiny from regulatory authorities.
Veteran investor and Akasa Air founder Rakesh Jhunjhunwala will be cremated today at 5.30 pm at Banganga crematorium in Mumbai.
Let us inform that this morning, veteran stock investor and billionaire businessman Rakesh Jhunjhunwala passed away. Jhunjhunwala breathed his last at the age of 62.
His death was confirmed by Mumbai’s Breach Candy Hospital. Jhunjhunwala was discharged from the hospital 2-3 weeks ago and had come home. Everyone is shocked by the news of his death. The news of his death has come at a time when he has recently started his own airline. Its name is Akasa Air.
After the news of his death, Prime Minister Narendra Modi also expressed his condolences by tweeting. He wrote in his tweet, that Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he has left behind an indelible contribution to the financial world. He was also very passionate about the progress of India. His passing is sad. My condolences to his family and fans. Oh peace
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India’s own Warren Buffet passed away at the age of 62.
According to hospital sources, he was not keeping well for the past few days and breathed his last at Breach Candy Hospital in Mumbai today.
Jhunjhunwala was born on 5 July 1960. He grew up in Mumbai.