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Prime Minister Narendra Modi and several other senior members of the Union cabinet expressed deep grief over the passing away of noted stock investor Rakesh Jhunjhunwala on Sunday.

"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," PM Modi said in a tweet, sharing a photograph of himself with the investor.

"He was also very passionate about India's progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti," the Prime Minister added.

Union Home Minister Amit Shah said, "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."

Union Defence Minister Rajnath singh said, "Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions in business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers."

Commerce Minister Piyush Goyal said Jhunjhunwala was "an inspiration for wealth creation for crores." "Deeply anguished at the demise of veteran investor Rakesh Jhunjhunwala. He was an inspiration for wealth creation for crores. My heartfelt condolences to his family, friends and admirers. Om Shanti," he said in a tweet.

BJP chief J.P. Nadda remembered the ace investor, and the "business magnate", saying: "I am saddened by the terrible news of the passing away of veteran investor, business magnate and stock trader Shri Rakesh Jhunjhunwala this morning. May the departed soul rest in eternal peace and may Prabhu Ram give strength to his family members and loved ones. Om Shanti."

A Chartered Accountant by qualification and training, Jhunjhunwala was 62 and is survived by his wife Rekha and two children.

Often referred to as the 'King of Bulls' in the stock markets, Jhunjhunwala's latest venture Akasa Air's maiden flight took off exactly a week ago on August 7, last Sunday.