The actor had been suffering from an old-age related illness.
The 'Dangal' star tweeted, "Shashi uncle was not only a great star and a passionate filmmaker, but also a wonderful human being. His work has always given Indian audiences great joy. His contribution to Indian theatre was huge, Prithvi theatre is the favourite venue of both performers and audiences alike. His passing away is a sad day for all of us. My condolences to Sanjana, Kunal, Karan and everyone in the family. May his soul rest in peace. Love and respect. a."
Seen at the Kapoor residence was Amitabh Bachchan, Abhishek Bachchan, Aishwarya Rai Bachchan, Kareena Kapoor, Saif Ali Khan, Ranbir Kapoor, Rishi Kapoor, Kajol, Rani Mukherjee and others.