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Billionaire Rakesh Jhunjhunwala, nicknamed ‘India’s Warren Buffet’, is dead

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Indian stock market billionaire Rakesh Jhunjhunwala, dubbed “India’s Warren Buffet” by local media, is dead, his office announced on Sunday (August 14th).

Calling the 62-year-old a“indomitable”Prime Minister Narendra Modi echoed tributes from other top officials, tweeting that the tycoon’s death was “sadden”. “Full of life, witty and insightful, he leaves behind an indelible contribution to the world of finance”Mr Modi said.

The “Big Bull of Dalal Street” (the Wall Street of Bombay) had a fortune estimated at 3.5 billion dollars and held significant stakes in about thirty Indian star stocks. He had recently invested $35 million for an estimated 40% stake in Akasa Air, which made its first flight in the crowded Indian aviation market on Sunday.

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The World with AFP