Indian Billionaire-Investor Rakesh Jhunjhunwala Dies at 62

Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities.

Jhunjhunwala was discharged from the same hospital a few weeks ago after being treated for kidney-related issues. He will be cremated this evening at Banganga crematorium in Mumbai.

He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air - which took to the skies last week.

In a statement, Akasa Air condoled Rakesh Jhunjhunwala's death and said that he cared greatly for the well-being of its employees and customers. "Akasa Air will honour his legacy, values and belief in us by striving to run a great airline," the statement said.

Rakesh Jhunjhunwala, often dubbed as "India's Warren Buffett", was always bullish about the country's stock market.

His privately-owned stock trading firm Rare Enterprises derived its name from the first two letters of his name and that of his wife Rekha, who is also an investor.

The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion, according to Forbes.

He was also the co-founder of Akasa Air, India's newest airline which began commercial operations last week.