Police said a nearly four-inch portion of the nearly 40 inches long sword of the statue was found damaged yesterday.
An official of the heritage department, which puts a garland around the statue every morning, found it broken and informed the police.
Subsequently, an offence under IPC section 379 (theft) and relevant provisions of Ancient Monuments Preservation Act has been registered by the Mahad police in Raigad, located adjoining Mumbai.
A sculptor from Kolhapur will soon repair the statue.
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Kolhapur's acting Collector Nandkumar Katakar reviewed the situation and assured the crowd that the damaged portion of the sword would be restored and CCTVs would be be put up around the statue at the historic Fort.
He also spoke to Kolhapur Guardian Minister Chandrakant Patil and Raigad Collector regarding the issue.
Following his assurance, those gathered at the Shivaji chowk left the place.