Kapoor, who was diagnosed with cancer in 2018 and returned to India last September following treatment in NY, passed away peacefully on Thursday morning, Indian time, according to the statement. He returned to India in September 2019 after recovering.
He received the National Film Award for his debut role as a child artist in his father's 1970 film Mera Naam Joker.
Rishi Kapoor with Sridevi and Vinod Khanna. "I am destroyed!", Amitabh tweeted on Thursday.
Kapoor is survived by his actress wife Neetu Singh and two children, including actor Ranbir Kapoor.
WHO emergency committee to meet Thursday to evaluate pandemic - International
Covid-19 has infected more than 3 million people and killed at least 210,000 worldwide, according to Johns Hopkins University. He called on countries to support global immunization services for children.
Prime Minister Narendra Modi said Kapoor was a powerhouse of talent.
File footage of Bollywood actor Rishi Kapoor prior to his death Thursday. "He was passionate about films and India's progress".
Kapoor is survived by his wife Neetu Kapoor - with whom he had acted in almost a dozen films before their marriage - and son Ranbir and daughter Riddhima.
The legendary actor's sudden demise has rattled Bollywood with thousands of fans across the globe flocking towards social media to offer their condolences soon after the news became public.
With India now under lockdown, the Kapoor family issued a statement to urge fans not to publicly gather to pay their respects to Kapoor as is the tradition in the country. His son Ranbir Kapoor is a current top Bollywood actor. He said Kapoor had a huge fan following across generations.