Popularly known as 'Mahatma', Munjal was a much-respected figure in business and social circles.
He is survived by six children -- five sons and a daughter.
A devoted Arya Samajist, Munjal was the eldest of the Munjal brothers and built the Hero Group, which has now emerged as one of the largest business conglomerates in India.
Punjab Chief Minister Parkash Singh Badal, Deputy Chief Minister Sukhbir Singh Badal and Revenue Minister Bikram Singh Majithia condoled the demise of Munjal.