After initially being admitted to the hospital on October 5 with tiredness and weakness, he was transferred to intensive care on Saturday, a spokesman for the private facility where he was treated told CNN.
Liaison officer Praveen Jojo of KIMSHealth in Thiruvananthapuram, in the southern state of Kerala, said Venu had died in the early afternoon.
The doctor treating Venu told CNN he died of kidney-related issues and sepsis.
Local media reported Venu had recovered from Covid-19 earlier this year.
Venu made his debut in the 1978 Malayalam film “Thampu” (“The Circus Tent”) and won his first Filmfare Award for Best Malayalam Actor for his role in the 1981 film “Vida Parayum Munpe.”
Venu continued to act until shortly before his death, and was seen in the films “Yuvam” and “Aanum Pennum” earlier this year.
He also had a number of upcoming releases, including “Marakkar: Lion of the Arabian Sea” and “Aarattu.”