"Rakesh Jhunjhunwala was indomitable," Modi tweeted following reports of Jhunjhunwala's death. "Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world."
Rakesh Jhunjhunwala's cause of death: Sudden cardiac arrest.
"He was also very passionate about India's progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti," Modi added.
The son of an income tax officer, Jhunjhunwala has said that he became fascinated with stocks as a child after watching his father balance his market investments.
Jhunjhunwala began investing in the stock market in 1985, when he was 25 years old - he started off with $100 that he had borrowed from a relative, reports say.
He later set up Rare Enterprises - the name was coined from the first two letters of his name and that of his wife Rekha.
He had the reputation of being a risk-taker in his investments, many of which paid off spectacularly.
In a 2021 profile, Forbes wrote that while Jhunjhunwala "acquired his legendary Midas touch by picking winning stocks", he has also recently started seeing his private equity investments pay off.
A decade ago, he told Reuters in an interview that he didn't like being called "India's Warren Buffett", adding that the Berkshire Hathaway CEO was "far, far ahead" of him.
"I'm not a clone of anybody. I'm Rakesh Jhunjhunwala," he had said.
Jhunjhunwala developed a childhood fascination for stocks by watching his father, a retired tax commissioner, juggle market investments, he said in the interview. After graduating with honors from Sydenham College of Commerce and Economics in Mumbai, he borrowed $100 from a brother-in-law in 1985 and began buying shares at age 25.
Acquisition of Titan Ltd. shares was among his most-profitable investments. He placed his bets in early 2000s on the Tata Group firm that predominantly made watches and was struggling with labor issues. Jhunjhunwala, along with his wife, held about a 4% stake as of June in Titan, which is now India’s biggest jewelry firm. The stock has surged more than 26,000% since the start of 2005.
“Rakesh Jhunjhunwala believed in India and the sheer potential of the country,” N Chandrasekaran, chairman of Tata Sons said in a statement. “This conviction led him to consistently make bold decisions throughout his life and career.”
Tributes came pouring. He was a chartered accountant by profession, and went on to manage a stock trading firm, RARE Enterprises. His growing prominence in the market also made him a popular TV celebrity.
His investments include a number of companies run by Tata Group, one of India's largest conglomerates. These include Tata Motors, watch maker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels.
He is survived by his wife and three children.
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