Mr Mistry, 54, was travelling from Ahmedabad in Gujarat state when his car hit a road divider at Palghar in Maharashtra on Sunday, Indian news agency Press Trust of India (PTI) reported citing local police.
An unnamed police official cited by PTI said the accident happened on a bridge and two injured people have been shifted to hospital.
Their empire built luxury hotels, stadiums, palaces and factories across Asia, but was most recently known for a corporate feud with the Tata Group.
Most of the family wealth, however, derived from being the largest minority shareholder – 18.5 per cent as of early 2022 – in Mumbai-based Tata Sons Pvt., the main investment holding company for India’s largest conglomerate.
His shock ouster in 2016 triggered a very public, years-long courtroom and boardroom battle between two of India’s most storied corporate clans, the Mistrys and Tatas.
The country’s top court ruled in 2021 that Mr Cyrus’s ouster was legal and also upheld Tata Sons’s rules on minority shareholder rights, which made it difficult to sell shares without board approval.
That meant the stake, worth almost US$30 billion in early 2022, was basically illiquid.
Mr Mistry is survived by his wife Rohiqa and their two sons. BLOOMBERG