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He was 84 and suffering from liver-related ailment.
According to BGS Gleneagles Global Hospital, Hirannaiah was admitted on April 29, for treatment of liver disease.
“He was provided with the best clinical care and his condition was closely monitored.
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Despite all clinical efforts and interventions, he succumbed to the illness at 08:45 AM on May 2, 2019, it added.
He is survived by a wife and five children.
Hirannaiah was born in Mysuru in 1935 as Narasimha Murthy
His father K Hirannaiah, was also theatre thespian, who started K Hirannaiah Mitra Mandali, and hence Narasimha Murthy assumed the stage name “Master Hirannaiah.”
Master Hirannaiah’s mortal remains have been kept at his residence in the city for his fans and personalities of Kannada film industry to pay their last respects.
The cremation is likely to take place by the evening, sources said.
Known for his wit, Hirannaiah used his stage performances to sharply attack the political class and bureaucracy on issues like corruption.
“Lanchavathara,” was one of his most popular plays, and it is said to have crossed 11,000 shows.
Makmal Topi, Anaachara, Bhrashtachara and Devadasi are among Hirannaiah’s other popular plays.
Hirannaiah has acted in several Kannada movies too.
Several Kannada film and theatre personalities visited Hirannaiah’s residence to pay their last respect.
Meanwhile, Karnataka Chief Minister H D Kumaraswamy in his condolence message said, the field of theatre has lost a “precious gem” with Hirannaiah’s passing away.
Former Chief Ministers B S Yeddyurappa and Siddaramaiah also condoled Master Hirannaiahs death.