He was 80 and is survived by his wife Padmashree, daughters Sharmila and Aparna, a close family member said.
whose daughter Sharmila is married to Raj Thackeray, president of Maharashtra Navnirman Sena (MNS), died at the latter's residence in Krishna Kunj in Shivaji Park.
He had always enjoyed a close rapport with Shiv Sena chief Bal Thackeray and had shot several photographs of the Sena leader.
In turn, Thackeray had been a great fan of Wagh's plays, though he was estranged from his nephew, Raj.
A few years ago, Wagh had set up the Chandralekha Theatre Institute which contributed to the robust Marathi theatre movement with plays and encouraged new artistes.
Wagh's body has been taken to his personal residence, Makarand Society in Dadar, to enable people to pay their last respects.
His cremation shall be done at the Dadar crematorium later Thursday evening, the family member said.
Leading personalities from various walks of life, including Bharatiya Janata Party president Nitin Gadkari, expressed grief over Wagh's death.
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