A man set himself on fire and died in Nashik after losing Rs 16 lakh in share trading, a police official said on Thursday.

The incident took place in Pimpalgaon Bahula village near Satpur on Wednesday, the official said.

"Rajendra Kolhe (28), hailing from Chandwad taluka, set himself ablaze after visiting a temple on the occasion of Mahashivratri. He sustained 90 per cent burns and died. He lost Rs 16 lakh in share trading. His friends had repaid this amount, but he still felt he had let down his parents," the Satpur police station official said.

An accidental death case has been registered and further probe is underway," he added.