Ranchan's condition suddenly deteriorated yesterday afternoon and he was rushed to IGMC hospital where he breathed his last, family members said.
Described as a "poet of many voices" for mythical or mystical themes noticeable in his writings, Ranchan was cremated here this afternoon.
He penned poetry including "Me and Columbia", "Christ and I", "Mother Sarada and I" and many other brilliant poems.
His poem "Blind Beggar" is also a part of curriculum in India.
His famous works included Splintered Mirror (1960), Loose Ends (1986), In the Labyrinth of the Self (1988), Soul-Making with Sri Aurbindo (1986) and To Krishna with Love (1986).
In his condolence message, the Chief Minister said Ranchan was a renowned poet, scholar, literary critic, revisionist of Indian culture and a novelist.
In his death, the literary world had lost a renowned scholar, he said.