Rakesh Jhunjhunwala: Tributes for India's 'stock market king' who died at 62

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The billionaire died at the age of 62.

Jhunjhunwala died on Sunday at a hospital in Mumbai.

The cause of death has not been officially confirmed, but the British Broadcasting Corporation has learned that it was a case of kidneys failure.

According to Forbes, Jhunjhunwala had a net worth of $5.8 billion.

The historic 1991 reforms opened up India's economy and he was one of the investors who benefited.

Jhunjhunwala was a bullish investor in Indian stock markets.

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. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7

— Narendra Modi (@narendramodi) August 14, 2022

The man who set up one of India's leading brokerages said that he was very good at reading businesses.

Akasa Air, India's newest budget airline, was supported by Jhunjhunwala. The Covid epidemic decimated domestic air travel for the past two years, but passenger traffic has rebounded this year.

Jhunjhunwala said that he became fascinated with stocks as a child after watching his father balance his investments.

According to reports, Jhunjhunwala began investing in the stock market at the age of 25.

From the first two letters of his name and that of his wife, he came up with the name Rare enterprises.

Many of the investments he made paid off spectacularly.

While Jhunjhunwala acquired his legendary Midas touch by picking winning stocks, he has recently started seeing his private equity investments pay off.

In an interview a decade ago, he said that he didn't like being called "India's Warren Buffet".

I'm not like anyone else. He said he was "Rokesh Jhunjhunwala."

According to the market veteran, Jhunjhunwala was responsible for the India story.

He said that he was a young middle-class boy rising up the ranks to build a huge fortune and set the stage for growth in the Indian financial markets.

Mr Bagga said that Jhunjhunwala had an optimism for India. The Big Bull of Dalal Street was a reference to the Bombay Stock Exchange.

Even a week before his death, Jhunjhunwala told CNBC-TV18 that Indian markets would grow but at a slower pace.

There are inputs from the Business Correspondent of the British Broadcasting Corporation.