Prime Minister Narendra Modi on Sunday condoled the demise of former Tata Group chairman Cyrus Mistry who died in a road accident in Maharashtra's Palghar.

He described Mistry's passing away as a "big loss to the world of commerce and industry".

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

Mistry, 54, succumbed to his injuries after his car met with an accident in Palghar near Mumbai.

He was returning to Mumbai from Ahmedabad.