The death of the billionaire former chairman of the country's largest conglomerate was described as a big loss by the prime minister.
Cyrus Mistry was killed in a road accident.
Police in India's western Maharashtra state said one person was dead and two others were injured.
The ousting of Mr Mistry as the chairman of the company was due to his performance.
He was replaced by the man who had replaced him four years before.
The legality of the coup was shrouded in mystery, and led to a lengthy legal battle.
The company has more than 100 countries and has a revenue of more than $110 billion.
Police said that Mr Mistry and his friends were travelling in a Mercedes car through Maharashtra when it crashed.
Mr Mistry died at the crash scene after the vehicle he was in hit a divider in the road.
Two people were taken to the hospital.
Mr Modi referred to Mr Mistry as a promising business leader who believed in India's economic prowess.
A police investigation has been ordered by the deputy chief minister.
The country has a high number of road accidents, with government data showing that 150,000 people died in crashes in 2011.
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