MUMBAI: Veteran stock market investor Rakesh Jhunjhunwala, often referred to as India's Warren Buffett and whose net worth was USD 5.8 billion, died of cardiac arrest in Mumbai, on Sunday morning. He was 62.

Often referred to as 'India's Warren Buffett' and the ‘Big Bull’ of Indian markets, Jhunjhunwala's net worth was USD 5.8 billion, according to Forbes. An investor with a Midas touch, Jhunjhunwala was said to be the 48th richest man in the country.

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 this month with a maiden flight from Mumbai to Ahmedabad.

Prime Minister Narendra Modi expressed grief over Jhunjhunwala's death.

"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," he tweeted.

Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022

A chartered accountant by education,he started his journey into the stock market in 1985, with just Rs 5,000 as capital and by September 2018, that capital had inflated to Rs 11,000 crore. Overall, he had a stake in 47 companies at the end of the June quarter. Titan, Star Health, Tata Motors and Metro Brands were some of his largest holdings.

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