Adani, Ratan Tata lead India Inc in paying tributes to Rakesh Jhunjhunwala

Rakesh Jhunjhunwala, often referred to as India's Warren Buffett, died in Mumbai Sunday morning. He was 62

Richest Indian Gautam Adani and Ratan Tata on Sunday led India Inc in paying tributes to veteran stock market investor Rakesh Jhunjhunwala, who passed away early this morning.

"Extremely saddened by the untimely passing away of the most legendary investor that India has had. Shri Jhunjhunwala inspired an entire generation to believe in our equity markets with his brilliant views. We will miss him. India will miss him but we will never forget him. RIP," Adani tweeted.

Ratan Tata, Chairman Emeritus of the Tata Group, said Jhunjhunwala will always be remembered for his acute understanding of the markets as well as for his jovial personality, kindness, and foresightedness.

"Rakesh Jhunjhunwala, who sadly passed away this morning, will always be remembered for his acute understanding of the stock exchanges of India. He will also be remembered for his jovial personality, his kindness, and his foresightedness," Ratan Tata said. "My heartfelt condolences go out to his family which has to share the burden of this great loss".

Veteran banker Deepak Parekh said Jhunjhunwala was a modern day legend with the optimism that gave a fillip to the Indian market trajectory.

"He was a strong proponent of Indian enterprise and the ensuing uptick of the India growth story," he said. "He believed in the caliber and innovativeness of the typical Indian entrepreneur, asserting always that India would not only meet all geopolitical challenges but emerge as the front runner of the world economy." 

Salt-to-software conglomerate Tata Sons chairman N Chandrasekaran said Jhunjhunwala's belief in India and its sheer potential led him to consistently make bold decision throughout his life and career. "He hd tremendous regard for Tata Group," he said. "Jhunjhunwala's passing is an irreparable loss and we extend our deep condolences to his family and friends."

Banker Uday Kotak said: "Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!" Mining baron Anil Agarwal said Jhunjhunwala will forever be known as the man who popularised public understanding of stock markets.

"Breaks my heart to know that a friend of mine, and more widely known as the big bull of our stock market, is no more...Rakesh Jhunjhunwala will forever be known as the man who popularised public understanding of stock markets. My prayers go out to his family & friends. Om Shanti," he tweeted.

Jhunjhunwala, often referred to as India's Warren Buffett, died in Mumbai Sunday morning. He was 62. His last venture was Akasa Air - India's newest low-budget airline. And naturally, rival airlines tweeted condolence messages.

"Deeply saddened to hear the shocking news of the passing away of Shri Rakesh Jhunjhunwala. Our sincere condolences to his family members and to the entire Akasa Air family. May God give them the strength to tide over this colossal loss," Tata Group-owned Air India said.

No-frills airline SpiceJet said Jhunjhunwala will remain a legend forever. "The man who was eternally bullish on India, the ace investor who inspired millions - Mr. #RakeshJhunjhunwala will remain a legend forever. Sincere #condolences to his family and friends." IndiGo said he was "a towering figure in India's financial world, and we commend his contribution to Indian aviation with the launch of Akasa Air."