Ace industrialist Rakesh Jhunjhunwala, who was also known as the Big Bull of the Dalal Street, passed away on Sunday at a Mumbai Hospital at the age of 62. His last rites were held in Mumbai at 5.30 pm on Sunday.

According to reports, Jhunjhunwala was brought to the Breach Candy Hospital in Mumbai at around 6.45 am where he was declared brought dead by officials. He was reportedly not keeping well for the past few days, but was discharged from the hospital few weeks back.

Born in a middle-class family on July 5, 1960, Jhunjhunwala grew up in Mumbai. In 1985, he got graduated from the Sydenham College. Later, he got enrolled at the Institute of Chartered Accountants of India (ICAI).

Jhunjhunwala, married to fellow stock market investor Rekha Jhunjunwala, ran a privately-owned stock trading firm called RARE Enterprises. He was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month.

He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger. According to Forbes, the veteran trader-cum-investor had a net worth of around $5.5 billion.

CONDOLENCES POUR IN

Prime Minister Narendra Modi has expressed grief over the demise of Jhunjhunwala. "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," he tweeted.

Union Minister Piyush Goyal has also offered condolences to his family, friends and admirers, saying he is "deeply anguished" over the death of Jhunjhunwala. "He was an inspiration for wealth creation for crores," he tweeted.

Union Civil Aviation Jyotiraditya Scindia, on the other hand, said Jhunjhunwala "will be remembered for giving India its new airline Akasa Air after more than a decade". "Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India’s growth story," he tweeted, "My deepest condolences to his family & loved ones."

Shiv Sena MP Priyanka Chaturvedi was also among the first political leaders to pay tribute to Jhunjhunwala. "Saddened to hear of the passing away of Shri Rakesh Jhunjhunwala, just days after launching his budget airline, Akasa Airline," she said, "He was not just bullish about the stock market but also about the nation. My heartfelt condolences to his family, friends and colleagues."

Meanwhile, cricketer Virender Sehwag: "End of an Era as the Big Bull of the Dalal Street, Rakesh Jhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti."

Posted By: Aalok Sensharma