Cyrus Mistry the Chairman of Tata Sons and scion of the Shapoorji Pallonji group, died in a car accident near Mumbai on Sunday. His age was 54 years. Mistry was travelling from Ahmedabad to Mumbai in a Mercedes car, which hit a road divider and dashed against a retention wall.

“The accident took place around 3.15 pm when Mistry was travelling to Mumbai from Ahmedabad. The accident took place on a bridge over the Surya river at Charoti Naka (120 km from Mumbai). It seems like an accident,” Palghar district superintendent of police, Balasaheb Patil, media reported

As per the police statement, Mistry died at the accident site. Besides Mistry, a man identified as Jahangir Pandole was killed, while eminent gynaecologist, Anahita Pandole (55), and her husband Darius Pandole (60) survived the crash. Jahangir is the brother of Darius, a former independent director of the Tata group of companies who had opposed Cyrus Mistry’s removal as chairman.

“The untimely demise of Shri 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,” Prime Minister Narendra Modi said.

India Inc leaders said Mistry’s untimely death is shocking. “So sad to hear of the shocking news of the passing away of Cyrus Mistry in an accident. He was a friend, a gentleman, a man of substance,” said Harsh Goenka, chairman of RPG group.

According to initial information, the Mercedes car, with Anahita Pandole at the wheel, was overspeeding and tried to overtake another vehicle from the wrong side, media reported. “A woman was driving the car and tried to overtake another vehicle from the left, but lost control and crashed into the road divider,” an eyewitness said, corroborating the official about the possible reason for the accident. Mistry and Jahangir were in the rear seats.

In June this year, Cyrus’ father Pallonji Mistry died at the age of 93. The Mistry family built some of the iconic buildings in Mumbai, including the Reserve Bank of India building and the Sultan of Oman palace. Several decades before his death, Pallonji had divided his equity investments, including Tata Sons shares and other assets between his two sons equally.