Rakesh Jhunjhunwala Death LIVE Updates: Rakesh Jhunjhunwala, Indian billionaire business magnate, passes away at 62

Union defence minister Rajnath Singh expressed grief on the sudden passing away of ace stock market investor Rakesh Jhunjhunwala. "Shocked by the sudden demise of seasoned investor, Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers," Singh tweeted.

Deeply saddened by the sudden demise of prominent investor and industrialist Rakesh Jhunjhunwala ji. He has left a legacy in the arena of stock broking and will remain an inspiration for generations of young investors as well as entrepreneurs. My condolences to the bereaved family: Assam CM Himanta Biswa Sarma

Rakesh Jhunjhunwala no more: 10 things about the veteran stock market investor

Scindia had on August 7 inaugurated Akasa Air's first flight, which operated from Mumbai to Ahmedabad. The airline had on July 7 received air operator certificate from the Directorate General of Civil Aviation (DGCA).

Rakesh Jhunjhunwala will be remembered for giving India its new airline Akasa Air after more than a decade, aviation minister Jyotiraditya Scindia said on Sunday while expressing condolences on the ace investor's demise.

Leaves behind indelible contribution to financial world: PM Modi on Rakesh Jhunjhunwala's demise

In 1985, Jhunjhunwala invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.

An investor with Midas touch, Jhunjhunwala was the 48th richest man in the country.

Starting off his journey in stock markets while still in college with a capital of just Rs 5,000, he 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 on August 7 with a maiden flight from Mumbai to Ahmedabad.

Rakesh Jhunjhunwala's wealth

Rakesh Jhunjhunwala passes away at 62

Rakesh Jhunjhunwala was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."

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 the Indian skies earlier this month.

Born on July 5, 1960, Rakesh Jhunjhunwala enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

According to Breach Candy Hospital in Mumbai, Jhunjhunwala was not keeping well for the past few days and breathed his last today.

PM Modi condoles death of 'indomitable' Rakesh Jhunjhunwala

After graduating with honors from Sydenham College of Commerce and Economics in Mumbai, Jhunjhunwala borrowed $100 from a brother-in-law in 1985 and began buying shares when he was 25.