Rakesh Jhunjhunwala's death: Breach Candy Hospital issues first statement

Rakesh Jhunjhunwala, who passed away at the age of 62 on Sunday, had a sudden cardiac arrest which was the cause of his death, Breach Candy Hospital in Mumbai said in an official statement.

Ace stock market investor Rakesh Jhunjhunwala, who passed away at the age of 62 on Sunday, had a sudden cardiac arrest which was the cause of his death, Dr Pratit Samdani of Breach Candy Hospital in Mumbai said in an official statement. The doctor added that the billionaire investor and Akasa air owner was also suffering from chronic kidney disease and was on chronic dialysis.

Ace stock market investor Rakesh Jhunjhunwala, (REUTERS file)

He was not keeping well for the past few days and breathed his last in Breach Candy Hospital.

“Rakesh Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty,” Samdani said in the statement.

Jhunjhunwala, often referred to as India's own Warren Buffet, was born on July 5, 1960. He grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala ran a privately owned stock trading firm called RARE Enterprises. He was also the owner of India's newest airline Akasa Air which took off in Indian skies earlier this month.

On Monday, Jhunjhunwala had told CNBC-TV18 that India's economy, Asia's third-biggest, was "entering a golden age," expressing hope that "my fellow Indians are as optimistic as I am."

A supporter of Prime Minister Narendra Modi, Jhunjhunwala lauded him last Sunday as "indomitable, full of life, witty and insightful".

Jhunjhunwala's communication skills helped small investors understand the stock market, said businessmen and bankers based in India's financial capital, Mumbai, who had interacted with him for over 30 years. His insights on the economy and companies made him a TV celebrity.

(With inputs from ANI, PTI, Reuters)