Pran Kishan Sikand, popular as Pran, breathed his last at the Lilavati Hospital late on Friday evening following prolonged illness, his son said. He was 93.
Expressing his grief through Twitter, Shah Rukh wrote, "Why do icons who shaped our lives and emotions have to go away?"
"You will, sir, remain etched in our hearts. Allah bless your soul Pran sahib," Shah Rukh wrote.
In a career of over six decades, Pran acted in over 400 movies.
Among his memorable movies are 'Azaad', 'Madhumati', 'Devdas', 'Dil Diya Dard Liya', 'Ram Aur Shyam', 'Aadmi', 'Ziddi', 'Munimji', 'Amardeep', 'Jab Pyar Kisise Hota Hai', 'Chori Chori', 'Chhalia', and 'Zanjeer'.
Pran was honoured with the Dadasaheb Phalke Award for Lifetime Achievement this year.
Priyanka Chopra, who is working in the remake of the 1973 hit 'Zanjeer', which popularised Pran as Sher Khan, a Pathan friend who stands through thick and thin by the protagonist played by Amitabh Bachchan, too mourned his death.
She also took to Twitter and posted, "'Zanjeer'! Will miss Sher Khan forever. RIP Pran sahib. Thank you for giving us such a legendary legacy. Loss of a legend. Prayers and condolences."
The new version is being directed by Apoorva Lakhia, and Ramcharan Teja is playing the lead in it, while Sanjay Dutt will be seen in the role palyed by Pran.