Inspired by The Mahabharata, Kalyug uses a modern setting to tell the story of corporate and familial conflict. Puranchand industries and Khubchand industries are two rival business houses. Puranchand industries is led by Dharamraj (Raj Babbar), with the help of his brothers Balraj (Kulbhushan Kharbanda) and Bharatraj (Anant Nag). The Khubchand house is headed by their cousin Dhanraj (Victor Banerjee) and a close associate of the family, Karan Singh (Shashi Kapoor). Although they are all cousins, they are bitter adversaries in business. The disputes between the two houses escalate and things take an ugly turn.