The last rites of Rakesh Jhunjhunwala, the ace stock market investor and a promoter of the recently-launched Akasa Air, were performed at the Banganga Crematorium here Sunday night.
Jhunjhunwala, who was not keeping well for some time, died here Sunday morning due to a cardiac arrest at the age of 62.
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Son of an income tax officer, he is survived by his wife and three children.
The cremation was scheduled to be held at 5:30 pm but it was delayed as the arrival of Jhunjhunwala’s brother from Dubai was awaited.
Jhunjhunwala was brought dead at the city’s Breach Candy hospital early on Sunday morning. Suffering from kidney disease and ischemic heart disease, the hospital certified that arrest was the cause of his death.
Earlier in the day, a host of politicians cutting across party lines, and corporate leaders condoled his death.
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Jhunjhunla grew up in Mumbai and after his graduation from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India.
A self-made trader, investor and businessman, he was also known as the ‘Big Bull’ of Dalal Street.
Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery-maker Titan, part of the Tata conglomerate.
His portfolio includes companies like Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors.
With an estimated net worth of around USD 5.8 billion (about ₹46,000 crore), Jhunjhunwala was the 36th richest billionaire in India, according to Forbes’ 2021 listing.