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'Bold risk taker': FM Sitharaman, other union ministers pay tribute to 'legendary investor' Rakesh Jhunjhunwala

Rakesh Jhunjhunwala was the CEO of venture capital firm Rare Enterprises and recently founded a low-budget airline Akasa Air. Jhunjhunwala, known as Big Bull of Dalal Street had a board seat on a number of companies.

ET Now Digital

Updated Aug 14, 2022, 11:33 IST

Condolences pour in after Rakesh Jhunjhunwala's death

Photo : ET Now Digital

Condolences poured in for Rakesh Jhunjhunwala who passed away early on Sunday morning following a kidney ailment. He is survived by his wife Rekha Jhunjhunwala, daughter Nishtha Jhunjhunwala, and two sons Aryaman Jhunjhulwala and Aryavir Jhunjhunwala.

The billionaire’s net worth as of July 2022 was pegged at $5 billion by Forbes.

He was the CEO of venture capital firm Rare Enterprises and recently founded a low-budget airline Akasa Air. Jhunjhunwala, known as Big Bull of Dalal Street had a board seat on a number of companies.

Prime Minister Narendra Modi, Finance Minister Nirmala Sitharmana, Union Commerce Minister Piyush Goyal, Union Home Minister Amit Shah, and Union Aviation Minister Jyotiraditya Scindia all paid homage to the life of the ace investor with their words on Twitter.

"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," tweeted Prime Minister Narendra Modi.

Finance Minister Nirmala described Jhunjhunwala as a “bold risk taker” who had a masterly understanding of the stock market.

“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’ve had. Had strong belief in India’s strength and capabilities. Condolences,” the finance minister wrote in a Twitter post.

Amit Shah remembered Jhunjhunwala’s bullish attitude, adding his journey inspired countless investors.

“Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti,” Shah tweeted.

Industrialist Gautam Adani also expressed grief at the passing away of the “legendary investor”.

“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,” he tweeted.

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