The actor breathed his last at the Kokilaben Dhirubhai Ambani Hospital here at 5.20pm last evening.
Having worked in around 14 films, including hits such as "Deewaar", "Kaala Patthar", "Trishul", "Suhaag", "Shaan", among others, the duo also collaborated in "Ajooba" (1991) with Shashi directing Bachchan for the first and only time.
The megastar, in his personal blog, remembered feeling a little uncertain as an aspiring actor about his future in the film industry with the likes of charming actor like Shashi around.
Bachchan recalled coming face-to-face with Shashi in a glitzy magazine, which announced his debut in films.
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"Standing elegantly without a care in the world, I saw him standing by a Mercedes Sports car, a convertible, a smart trimmed beard and moustache, adorning involuntarily, the face of this incredibly handsome man..." he wrote.
The actor, who was fondly called 'babbua' by Shashi, said he knew the veteran actor had been ailing for a long time but he avoided visiting him.
"... and I did not today, when they informed me that he had gone," he wrote.
Bachchan also recounted couple of incidents with Shashi at the centre - where he always ended up receiving something from the generous actor.
The "Pink" star said he learnt the "self-introduction habit" from Shashi, which he uses till date.
And it was Shashi who inspired Bachchan to cover his ears with hair in the era that thrived with leading men in thick sideburns.
"'Hey! maybe you should think of covering your ears as well...' and off I went to Hakim the hairdresser at Taj Hotel with my plan... and executed, it remained till date..."
Shashi passed away due to kidney ailment. His funeral will be held today in the afternoon.