Rakesh Jhunjhunwala Death LIVE Updates: Jhunjhunwala died of sudden cardiac arrest, says hospital

Mortal remains of veteran investor and Akasa Air founder Rakesh Jhunjhunwala brought to his residence in Mumbai.

Commerce minister Piyush Goyal said Jhunjhunwala was "an inspiration for wealth creation for crores." "Deeply anguished at the demise of veteran investor Rakesh Jhunjhunwala. He was an inspiration for wealth creation for crores. My heartfelt condolences to his family, friends and admirers," he said in a tweet.

Anguished to learn about the passing away of Rakesh Jhunjhunwala ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti: Union home minister Amit Shah tweeted.

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

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.

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 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.