Rakesh Jhunjhunwala, one of India's top investors passed away at 62, earlier this morning.

According to ANI, the veteran investor died in Mumbai.

The billionaire business magnate had recently founded Akasa Air, India's newest low-budget airline.

Media reports say that the Big Bull was not keeping well. He was said to be in and out of the hospital.

Prime Minister Narendra Modi conveyed his condolences on the social media platform, Twitter.

He said: "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."

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