Billionaire Rakesh Jhunjhunwala passes away at 62

RIP Rakesh Jhunjhunwala: Billionaire veteran investor and Akasa Air founder Rakesh Jhunjhunwala passes away in Mumbai on Sunday, reports said.

The Indian business magnate and stock trader, Rakesh Jhunjhunwala, was 62.

Sources say that the business tycoon was not keeping well for the past few days. He, reportedly, breathed his last on Sunday at Breach Candy Hospital in Mumbai.

Born on July 5, 1960, Jhunjhunwala grew up in Mumbai and graduated from Sydenham College in 1985. After that, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

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The Indian billionaire ran RARE Enterprises, a privately held stock trading firm. He was also the owner of Akasa Air, India's newest airline, which took to the skies earlier this month.

Many people questioned why he planned to start an airline at a time when aviation was struggling, to which he responded, "I say I'm prepared for failure."

He was always optimistic about India's stock market, and whatever stocks he bought usually turned out to be multibaggers.

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-PTC News