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A news report quoted Chandrasekhar's family member as saying that the 57-year-old was upset over the losses incurred while running a cricket league team and thus he committed suicide on Thursday.
The report said that his body was found hanging from the ceiling fan in his bedroom.
"BCCI regrets to inform that former India opener VB Chandrasekhar is no more. Our heartfelt condolences to his family, friends and his fans," tweeted the Indian cricket board while offering their condolences.
"Deeply saddened and shocked to know about the demise of my good friend VB Chandrasekhar. Heartfelt condolences to his family. May his soul RIP," wrote VVS Laxman.
"Terrible news...VB..too soon. Shocking! Heartfelt condolences to his family and friends," said Anil Kumble.
"Sad day and a big loss to the cricket family. Rest in Peace VB," tweeted Stephen Fleming.
"Extremely sad and shocked to hear about the passing away of VB Chandrasekhar sir. His consistent efforts made it possible to set the right foundation of the CSK team. He always encouraged and believed in us since very beginning. My deepest condolences to the family," said Suresh Raina.
"Shell shocked to hear the demise of V B Chandrasekar sir. My deepest condolences to the family," tweeted Abhinav Mukund,
"Very shocking to hear VB Chandrashekhar Indian cricketer is no more...very sad news...very young to go...rest in peace VB...Big loss, condolences to the family," Harbhajan Singh tweeted.
Chandrasekhar, who is survived by his wife and two daughters, represented India in seven ODIs between 1988 and 1990. He was a Tamil Nadu great who played a key role in the state's triumph in the 1987-88 season with 551 runs - the third-highest behind Brijesh Patel and Robin Singh.
Chandrasekhar was a batsman who blasted a 56-ball century - the then fastest hundred in India's first-class competition in the Irani Cup tie against Rest of India after Tamil Nadu's victory in March 1988.
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