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Rakesh Jhunjhunwala: Indian man who made fortune in stock market dies

Tributes are pouring in for Indian billionaire Rakesh Jhunjhunwala, who has died at the age of 62.

Jhunjhunwala, who made a fortune from the stock market, died on Sunday at a hospital in Mumbai city.

The cause of death has not been officially confirmed yet, reports suggest that it was kidney failure.

Often called India’s Warren Buffett, Jhunjhunwala had an estimated net worth of around $5.8 billion, according to Forbes magazine.

He was part of a generation of investors who benefitted from the historic 1991 reforms, which opened up India’s economy.

Prime Minister Narendra Modi led the tributes to Jhunjhunwala, who was steadfastly bullish on Indian stock markets.

“He was very good at reading businesses and had conviction, passion and very blunt opinions about things,” said businessman Motilal Oswal, who set up one of India’s leading brokerages.

Jhunjhunwala had recently backed Akasa Air, India’s newest budget airline, which began operations earlier in August. While the Covid pandemic had ravaged domestic air travel for the past two years, passenger traffic has risen sharply this year.