"Rakesh Jhunjhunwala was indomitable," Prime Minister Narendra Modi wrote on Twitter.
"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."
A chartered accountant by education, Jhunjhunwala was always bullish about India's stock market and some of his picks turned into multibaggers. He ran a privately-owned stock trading firm called RARE Enterprises, which derived its name from the first two initials of his name and his wife Rekha. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.
He also backed India's newest airline Akasa Air which took off in Indian skies earlier this month. A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."
Akasa Air began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Born on July 5, 1960 in a Rajasthani family, Jhunjhunwala grew up in Bombay. He graduated from Sydenham College. He earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at ₹43 and the stock rose to ₹143 within three months. In three years, he earned ₹20-25 lakh.
Condoling his death, business leader Gautam Adani said: “Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him."
