Rakesh Jhunjhunwala was rushed to Mumbai's Breach Candy Hospital at around 6.45 a.m. after suffering a cardiac arrest.
The hospital authorities declared him dead on arrival
He was 62. Jhunjhunwala was recently released from the same hospital after being treated for kidney problems.
He will be cremated this evening at Mumbai's Banganga crematorium.
The veteran trader-turned-investor known as the Big Bull of Dalal Street was said to be worth $5.8 billion.
According to Forbes' 2021 list, he was the 36th richest billionaire in India.
He recently co-founded Akasa Air with former Jet Airways CEO Vinay Dube and former IndiGo CEO Aditya Ghosh.
Rakesh Jhunjhunwala's death and stated that he was deeply concerned about the well-being of its employees and customers.
Akasa Air will strive to run a great airline in order to honour his legacy, values, and belief in us," the statement said.
Rakesh Jhunjhunwala, dubbed "India's Warren Buffett," was consistently optimistic about the country's stock market.
Jhunjhuwala had a total of more than three dozen investments.
His largest holdings included Titan, Star Health, Tata Motors, and Metro Brands. He also served as the chairman of Hungama Media and Aptech.
stock trading firm, was named after the first two letters of his name and the name of his wife Rekha, who is also an investor.