Thursday, Oct 06, 2022
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'Full Of Life, Witty And Insightful': PM Modi Remembers Rakesh Jhunjhunwala

The stock market maverick, Jhunjhunwala, was known for his bullish outlook on the stock market. As of 2022, he had assets worth $5.5 billion and was ranked as the 36th richest man in India

Prime Minister Narendra Modi and Stock Market Investor Rakesh Jhunjhunwala.
Prime Minister Narendra Modi and Stock Market Investor Rakesh Jhunjhunwala. Source- Twitter

Prime Minister Narendra Modi paid his tribute to billionaire stock market investor Rakesh Jhunjhunwala who died in Mumbai on Sunday morning. Remembering Jhunjhunwala PM Modi in a tweet said, "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."

Condoling his death, Finance Minister Nirmala Sitharaman remembered Jhunjhunwala as someone who had a strong belief in India’s strength and capabilities.

Sitharaman tweeted, "Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we had. Had strong belief in India’s strength and capabilities. Condolences."

Paying his tributes to the stock market veteran, Civil Aviation Minister Jyotiraditya Scindia said that Jhunjhunwala will be remembered for the new airline Akasa Air. He tweeted, “Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India’s growth story. He will be remembered for giving India its new airline @AkasaAir after more than a decade. My deepest condolences to his family & loved ones."

Notably, Commerce Minister Piyush Goyal remembered Jhunjhunwala as an inspiration for wealth creation for crores of people. Goyal tweeted,"Deeply anguished at the demise of veteran investor Rakesh Jhunjhunwala. He was an inspiration for wealth creation for crores. My heartfelt condolences to his family, friends and admirers. Om Shanti."

Amongst the industry leaders, the Founder of Kotak Mahindra Bank Uday Kotak remembered Rakesh Jhinjhunwala as his junior and school and college and said that he believed stock India was undervalued.

Kotak tweeted, "Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!"

Paying his tributes, Gautam Adani tweeted, "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. RIP."

Vijay Chopra of Enoch Ventures said, "It is a big loss for investing community as Rakesh Jhunjhunwala was seen as a role model for many young and veteran investors. His portfolio of shares was well tracked by many big and small investors alike."

Jhunjhunwala, who was 62 years, suffered cardiac failure and was declared brought dead at the Breach Candy Hospital in Mumbai. The stock market maverick, Jhunjhunwala, was known for his bullish outlook on the stock market. As of 2022, he had assets worth $5.5 billion and was ranked as the 36th richest man in India. 

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