Leaders cutting across the political spectrum condoled the demise of former Tata Sons chairman Cyrus Mistry on Sunday, with Prime Minister Narendra Modi saying his passing away is a big loss to the world of commerce and industry.

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"The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India's economic prowess," Prime Minister Modi said in a tweet.

"His passing away is a big loss to the world of commerce and industry. Condolences to his family and friends. May his soul rest in peace," he said.

Mistry, 54, was killed in a road accident on Sunday after his car hit a divider in Maharashtra's Palghar district, a senior police officer said.

Commerce and Industry Minister Piyush Goyal also condoled the passing away of Mistry, saying, "Deeply anguished and shocked by the sudden passing away of Cyrus Mistry. Indian industry has lost one of its shining stars whose contributions to India's economic progress will always be remembered. My heartfelt condolences to his family & friends."

Minister of Road Transport & Highways Nitin Gadkari said he is deeply saddened to know about the unfortunate demise of Mistry.

"Sincerest condolences to his family members. May he Rest In Peace. Om Shanti," he said on Twitter.

Former Congress president Rahul Gandhi said, "Saddened by the tragic news of the demise of former Chairman of Tata Sons, Cyrus Mistry. He was amongst the brightest business minds of the country, who made a significant contribution to India's growth story. My heartfelt condolences to his family, friends and admirers."

Congress leader Shashi Tharoor said on Twitter, "So shocked to hear of his untimely demise. My heart goes out to his loved ones."

NCP chief Sharad Pawar said he was deeply saddened to hear about the shocking news of the untimely demise of Mistry. "He was a dynamic and brilliant entrepreneur. We lost one of the brightest star of Corporate World," Pawar said.

NCP leader Supriya Sule tweeted, "Devastating News My Brother Cyrus Mistry passed away. Can't believe it. Rest in Peace Cyrus."

Terming the death of the 54-year-old industrialist as "shocking", Maharashtra Chief Minister Eknath Shinde said Mistry was not just a successful industrialist, but a young and visionary entrepreneur as the business world looked up to him with hope.

"His death is a loss not just for the Mistry family, but for the entire business world," Shinde said.