Mumbai, Aug 14: Billionaire business magnate, stock trader, and investor Rakesh Jhunjhunwala passed away at the age of 62 on Sunday morning. Rakesh was brought dead to the Breach Candy Hospital in Mumbai at 6.45 am say witnesses.

Jhunjhunwala was discharged from the hospital two-three weeks ago.

Rakesh Jhunjhunwala recently ventured into the aviation industry with Akasa Air which took flight on August 7. Jhunjhunwala, apart from being an investor, was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. He was also among the directors of several Indian firms. He was also an advisor to the India's International Movement to Unite Nations.

Prime Minister Narendra Modi expressed his sorrow at the demise of Jhunjhunwala. "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," he tweeted.