According to local reports, the billionaire trader was brought to the Breach Candy Hospital in Mumbai at 6.45am on Sunday where he was declared dead on arrival.
The exact cause of death has not been officially confirmed, but the BBC reported that Jhunjhunwala was said to have been suffering from multiple health issues, including kidney failure.
According to Forbes magazine, Jhunjhunwala was often dubbed “India’s Warren Buffett” and had an estimated net worth of around $5.8bn (£4.7bn). He was a chartered accountant by profession from the northern Indian state of Rajasthan. He managed the stock trading firm Rare Enterprises.
He had recently ventured into the aviation industry through Akasa Air, which began its operations on 7 August.
Indian prime minister Narendra Modi led the tributes to Mr Jhunjhunwala.
“Rakesh Jhunjhunwala was indomitable,” he wrote. “Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress.”
“His passing away is saddening. My condolences to his family and admirers. Om Shanti,” the PM added.
Cricketer Virender Sehwag wrote: “End of an Era as the Big Bull of the Dalal Street, Rakesh Jhunjhunwala passes away. Condolences to his family and loved ones. Om Shanti.”
Uday Kotak, the CEO of Kotak Mahindra bank, who was a friend of Mr Jhunjhunwala, added: “Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”
Shri Rakesh Jhunjhunwala is no more. Investor, bold risk taker, masterly understanding of the stock market, clear in communication- a leader in his own right. Fondly remember several conversations we’ve had. Had strong belief in India’s strength and capabilities. Condolences
— Nirmala Sitharaman (@nsitharaman) August 14, 2022
India’s federal home minister, Amit Shah, said in his tribute: “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”