Mumbai: Vibrant inventory marketplace billionaire Rakesh Jhunjhunwala — dubbed by means of native media India’s Warren Buffet — has died, his administrative center stated Sunday, only a week after he introduced the rustic’s latest airline.

Calling the 62-year-old “indomitable”, Top Minister Narendra Modi echoed tributes from different senior officers, tweeting that the loss of life of the multi-millionaire was once “saddening.”

The “Giant Bull of Dalal Boulevard” — the Wall Boulevard of Mumbai — had a internet price of $3.5 billion with important holdings in additional than 30 Indian blue chip shares.

Jhunjhunwala had invested $35 million for an estimated 40 p.c stake in Akasa Air which made its maiden flight within the Asian nation’s crowded aviation marketplace final Sunday.

Having made his cash making a bet on shares and missing any revel in within the airline trade, the verdict to go into the capital-intensive sector raised eyebrows.

“A large number of other folks query why I’ve began an airline. Somewhat than solution them, I say I’m ready for failure,” he informed an trade tournament in February.

“It’s higher to have attempted and failed than now not attempted in any respect,” he stated. “I’m hoping to end up other folks mistaken. Now it’s turn out to be a question of ego.”

“Vigorous, witty and insightful, he leaves in the back of an indelible contribution to the monetary international,” Modi stated.

Jhunjhunwala’s administrative center showed to AFP that he died on Sunday morning, with out giving additional main points.