Billionaire stock market investor Rakesh Jhunjhunwala, nicknamed the Big Bull of Dalal Street, died of a cardiac arrest in Mumbai this morning. He was 62 years old. 

Jhunjhunwala was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities.

Also referred to as India's Warren Buffet because of his successful investments in shares, Rakesh Jhunjhunwala was always bullish about India's stock market.

Jhunjhunwala entered the stock market with just Rs 5,000 in 1985 with the Sensex at a mere 150 points and went on to build a fortune of $5.5 billion.

He was discharged from the same hospital a few weeks ago after being treated for kidney-related issues.

Mr Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises and had recently launched Akasa Air with flights taking off this month.

Asked why he started the venture when the aviation sector was not doing well. "I say I'm prepared for failure," he had replied.

A graduate from Mumbai’s Sydenham College, he enrolled in Institute of Chartered Accountants of India and married Rekha, also a stock market investor.

A fascinating personality, he had also been invited for a meeting by Prime Minister Narendra Modi for his views on the economy. 

Prime Minister Narendra Modi expressed grief over Jhunjhunwala's passing. He tweeted, "Rakesh Jhunjhunwala was indomitable. 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.

Jhunjhunwala’s portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. Overall, he had stake in 47 companies at the end of June quarter.