Mumbai, Aug 14, 2022, IANS

Mumbai, Aug 14 (IANS) The stock-market 'King of Bulls' Rakesh Jhunjhunwala -- the founder of Akasa Air, the India's newest private airline - passed away here on Sunday morning following a prolonged illness, his close associates said.

He was 62 and is survived by his wife Rekha and three children, who were with him when he breathed his last, even as his demise plunged the stock market players into shock.

In a statement, the grieving Jhunjhunwala and Gupta families said: "With deep regret we have to inform you that Rakesh Jhunjhunwala passed away peacefully this morning, the Antim Yatra will start at 5.30 p.m. from IL Palazzo and the cremation will take place at the Banganga Crematorium on Malabar Hills.

A Chartered Accountant by qualification and profession, Jhunjhunwala's latest venture Akasa Air's maiden flight took off on the Mumbai-Ahmedabad sector exactly a week ago last Sunday (August 7).

Ailing since some time, the 'King of Bulls' -- who preferred to keep a low profile -- had shot into the limelight recently for his upcoming new palatial residence in Malabar Hill, south Mumbai.

Running his own company RARE and sitting on the board of several top companies, he was Chairman of Hungama Media and Aptech, besides a Director in Geojit Financial Services, Concord Biotech, Provogue India, Viceroy Hotels, and more.

As of August 2022, Jhunjhunwala's estimated net worth was USD 5.8 billion, making him the 36th richest man in India, and ranking 438 on the Forbes global list, though he had very humble beginnings.

The young broker had started his financial life while in college with an investment of Rs 5,000 in capital in 1985, with his first profit of Rs 5,00,000 the next year.

He had survived many stockmarket hiccups during the big stock-market scam of the late Harshad Mehta exposed in 1992, to make it big later.

Earning between Rs 20-25 lakhs profits over the next four years, Jhunjhunwala's tiny seed investment ultimately multiplied to a staggering Rs 11,000 crore by September 2018, catapulting him into the big league, and rubbing shoulders with the high-and-mighty, and enjoying close relations with the top Indian political leaders.

His newest baby, Akasa Air was co-founded with ex-Jet Airways CEO Vinay Dubey, and the carrier launched operations with two aircraft with flights to 3 cities and has ordered 70 more aircraft.