“Rakesh Jhunjhunwala was indomitable,” Modi tweeted following reports of Jhunjhunwala’s death. “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,” Modi added.
His cause of death has not been publicly released. CNN affiliate CNN News 18 reported that Jhunjhunwala had been dealing with health issues.
He was seen in a wheelchair on August 7 at the launch for Akasa Airlines, a company he backed, as it made its maiden flight from Mumbai to Ahmedabad.
An investor who began stock trading while still in college, Jhunjhunwala’s early investments paid off, with his net worth standing at $ 5.8 billion at the time of his death, according to Forbes.
He was a chartered accountant by profession, and went on to manage a stock trading firm, RARE Enterprises. His growing prominence in the market also made him a popular TV celebrity.
His investments include a number of companies run by Tata Group, one of India’s largest conglomerates. These include Tata Motors, watch maker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels.
He is survived by his wife and three children.