Known by many sobriquets like Big Bull and India’s Warren Buffett, he started investing in the equity market during his college days in 1980s.
At the time of his death, Jhunjhunwala was the 48th richest man in the country according to Forbes India's 100 richest people list.
Jhunjhunwala-backed Metro's shares hit 52-week high, late investor's wealth rises by Rs 221 cr on final trading day
Rekha Jhunjhunwala holds 3,91,53,600 Metro Brands shares, which is 14.43 per cent of the total paid-up capital of the company and is the third largest shareholder.
'Will honour Jhunjhunwala's legacy by striving to run great airline': Akasa Air's condolence message
India's newest airline Akasa Air thanked its late owner for "being an early believer in us and putting his trust and faith in us to build a world-class airline".
In a statement, Akasa Air said it was deeply saddened by the demise of Jhunjhunwala.
Always known for his calculated risks and bold bets, Jhunjhunwala took his one last bet in the Indian airlines business with the recently launched Akasa Air – a low-cost airline.
He was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai, as per the hospital sources.