Veteran stock market investor Rakesh Jhunjhunwala passed away in Mumbai this morning. He was 62. Akasa Air - India's newest budget carrier - was one of the business ventures of Rakesh Jhunjhunwala. The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Known as "India's Warren Buffett", Jhunjhunwala wealth was pegged at $5.8 billion, according to Forbes. Son of an income tax official officer, Jhunjhunwala started his journey in stock markets while still in college with a capital of just ₹5,000.

His privately owned stock trading firm Rare Enterprises derived its name from the first two initials of his name and his wife Rekha. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.