Shankaranand who had suffered from kidney failure was admitted to the KLE Society Medical College Hospital two days ago.
The veteran Congress leader has also suffered a stroke. The end came at 150 hours, sources said.
84-year-old Shankaranand was an eight time Lok Sabha MP from Chikkodi Reserved Constituency.
Shankaranand had served in the ministries headed by Indira Gandhi, Rajiv Gandhi and P V Narasimha Rao.
He also headed the Parliamentary Committee that probed the controversial bofors issue.
Shankarananand who had the distinction of winning eight consecutive Lok Sabha election was however humbled by Ratnamala Savanur in 1996.