MUMBAI, Aug. 14 (Reuters) – India stock investor Rakesh Jhunjhunwala, named Warren Buffett with an estimated net worth of $6 billion, died early Sunday at age 62, his family said.
Jhunjhunwala, a chartered accountant by profession from the desert state of Rajasthan, began dabbling in stocks while studying and then ran a stock trading company, RARE Enterprises.
“Rakesh-ji died surrounded by his family and close associates,” a relative told Reuters, using a term for respect.
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The cause of death was not immediately announced.
The promoter of India’s newest airline, the ultra-low-cost Akasa Air, Jhunjhunwala showed up at the public launch days ago. He is survived by his wife and three children.
Jhunjhunwala’s excellent communication skills helped small investors better understand the stock market, said businessmen and bankers from Mumbai, India’s financial capital, who had been in touch with him for more than 30 years. His insights into economics and business made him a popular TV celebrity.
Jhunjhunwala’s bets include a number of companies run by Tata Group, one of India’s largest conglomerates. These include Tata Motors (TAMO.NS), watchmaker Titan (TITN.NS), Tata Communications (TATA.NS), and Indian Hotels Co (IHTL.NS), which runs the Taj hotels.
Other investments include Indiabulls Housing Finance (INBF.NS), Star Health Insurance (STAU.NS) and Federal Bank (FED.NS)
Major politicians and business leaders mourned his death on social media.
“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter.
“Full of life, witty and insightful, he leaves an indelible contribution to the financial world. He was also deeply passionate about India’s progress. His passing is saddening. My condolences to his family and admirers.”
Modi ended with “Om Shanti”, an invocation of peace.
Uday Kotak, the director of Kotak Mahindra and a friend from school, said Jhunjhunwala “believed that India’s stocks were undervalued” and that he was right.
“Amazingly sharp in understanding financial markets,” Kotak tweeted. “We spoke regularly, especially during COVID. I will miss you Rakesh!”
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Reporting by Rupam Jain and M. Sriram in Mumbai, and Mrinmay Dey in Bengaluru; Editing by Jacqueline Wong and William Mallard
Our Standards: The Thomson Reuters Trust Principles.
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