The body of Malhotra was found hanging from a ceiling fan police said, adding no suicide note had been left.
Malhotra stayed in Pune and often visited his residence in Bangalore where his friend is living, they said.
Malhotra's friend told the police that he committed suicide for suffering huge financial losses, police said.
Rippsons Group of Companies is a conglomerate with activities including stock broking and related activities in financial services, police said adding it is also involved in entertainment and manufacturing sectors.
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