“Rakesh Jhunjhunwala was indomitable,” Modi tweeted after reports of Jhunjhunwala’s death. “Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world.”
“He was very passionate about India’s progress. His demise is sad. My condolences to his family and fans. Om Shanti,” Modi added.
The cause of his death has not been publicly disclosed. CNN affiliate CNN News 18 reported that Jhunjhunwala is facing health issues.
He was seen in a wheelchair at the launch of Aakash Airlines, the company he supported, on August 7 as it made its maiden flight from Mumbai to Ahmedabad.
An investor who started trading stocks while still in college, Jhunjhunwala’s early investments paid off, giving him a net worth of $5.8 billion at the time of his death, according to Forbes.
He was a Chartered Accountant by profession and managed a stock trading firm called Rare Enterprises. His growing prominence in the market made him a popular TV celebrity.
His investments include several companies run by the Tata Group, one of India’s largest conglomerates. These include Tata Motors, watch maker Titan, Tata Communications and Indian Hotels Co, which runs Taj Hotels.
He is survived by his wife and three children.