The massive fire broke out at Chembur's RK Studio at around 2.30pm on Saturday. An ANI report said that according to officials, the level-two fire was confined to electric wiring, electric installation, decoration equipment in 100x80 sq ft area on the ground floor of the building.
Officials have said that five water tankers and twelve ambulances have been called into service.
Officials of the emergency services are now at the scene of the incident and no injuries or casualties have been reported yet.
P S Rahangdale, chief of the Mumbai fire brigade, said fire personnel are still struggling to contain the fire. RK Studios is named after the Bollywood actor Raj Kapoor. We have lost the iconic stage.
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Kapoor dynasty has made number of films over the decades in India. The fire will automatically raise high if it is not put off and it spreads across.
The source added: "Luckily, no one has got injured as the set of the Sony Entertainment Television show was locked and no one was shooting".
Eyewitnesses said thick dark smoke enveloped the entire area as flames leapt through the basement of the sprawling studio.
The cause of the fire was not yet known, but short-circuit seems to have led to the inferno.