Rakesh Jhunjhunwala death: Uday Kotak mourns loss of his 'school mate', FM Sitharaman offers condolences

Uday Kotak, the chief executive of Kotak Mahindra, mourned the loss of ace investor Rakesh Jhunjhunwala whom he had known since school.

Pic Credit: File Photo

New Delhi: Ace investor Rakesh Jhunjhunwala died aged 62 at Breach Candy hospital in Mumbai. He was reportedly brought dead to the hospital at around 6:45 am on Sunday. According to reports, Jhunjhunwala died due to a cardiac arrest. Several political leaders and prominent personalities took to social media to mourn his demise including Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

Sitharaman took to Twitter and wrote, "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."

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

— Nirmala Sitharaman (@nsitharaman) August 14, 2022

On the other hand, ZEE CEO Punit Goenka expressed that Jhunjhunwala will be remembered as the 'rare' one. He tweeted, "You will be remembered as the ‘rare’ one always! Rest in Peace Sir.. #RakeshJhunjhunwala."

You will be remembered as the ‘rare’ one always! Rest in Peace Sir.. #RakeshJhunjhunwala.

— Punit Goenka (@punitgoenka) August 14, 2022

Uday Kotak, MD and CEO of Kotak Mahindra Bank, who knew Rakesh Jhunjhunwala from school and then studied with him in college mourned his loss. 

He 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!"

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!

— Uday Kotak (@udaykotak) August 14, 2022

Often referred to as 'India's Warren Buffett' and the Big Bull of Indian markets, Rakesh Jhunjhunwala's net worth was USD 5.8 billion, according to Forbes.

He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air -- India's newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.

An investor with a Midas touch, Jhunjhunwala was the 48th richest man in the country. His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors.