Holiday Ayo - Tributes continue to flow to Indian billionaire Rakesh Jhunjhunwala who died at the age of 62. Jhunjhunwala, who made a fortune from the stock market, died on Sunday in a hospital in the city of Mumbai.

The hospital said the cause of death for billionaire Jhunjhunwala was "a heart attack for sure". Dubbed the Warren Buffett of India, Jhunjhunwala has an estimated net worth of around $5.8 billion, equivalent to IDR 85.3 trillion (Exchange rate of IDR 14,722 per USD), according to Forbes magazine.

Jhunjhunwala is part of a generation of investors who benefited from the historic reforms of 1991, which opened up India's economy.

Prime Minister (PM) Narendra Modi leads with Jhunjhunwala, who is firm on Indian stock markets.

"Rakesh Jhunjhunwala was a persistent person. Full of life, witty and insightful, he left an indelible contribution to the world of finance. He was also very passionate about India's progress. His departure contributed. My condolences to his family and admirers. Om Shanti," wrote Narendra Modi. on the official Twitter account.

"He is very good at reading business and has a very clear belief, passion and opinion on things," said entrepreneur Motilal Oswal, who founded one of India's leading brokers.

Jhunjhunwala recently endorsed Akasa Air, India's newest low-cost carrier, which started operations in early August. While the Covid pandemic has devastated domestic air travel over the past two years, passenger traffic has now increased sharply this year.

The son of a tax official, Jhunjhunwala said he was fascinated by stocks as a child after watching his father balance his market investments.

Jhunjhunwala started investing in the stock market in 1985, when he was 25 years old, where he started with $100 which he borrowed from a relative. He later founded Rare Enterprises, the name was created from the first two letters of his name and the name of his wife Rekha.

Jhunjhunwala has a reputation for being a risk taker in all of his investments, many of which have paid off spectacularly. In a 2021 profile, Forbes writes that Jhunjhunwala "got his legendary Midas touch by picking winning stocks", he has also recently begun to see his private equity investments pay off.