"I would like to publicly apologize to you, Chris. I was out of line and I was wrong," Smith said in a  statement.

"I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness," he said.

"I would also like to apologize to the Academy, the producers of the show, all the attendees and everyone watching around the world. I would like to apologize to the Williams Family and my King Richard Family. I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us," the Hollywood superstar said.

Will Smith, who picked up his much deserved Best Actor Oscar Trophy, is right now the talk of the showbiz world after punching Chris Rock at the Academy Awards stage leaving spectators shocked after the comedian cracked a joke on the former's wife-actor Jada Pinkett-Smith.

Chris Rock, however, laughed off the incident and continued in his role as a presenter for the Best Documentary award.

The comedian has even refused to file a legal complaint against Smith, the Los Angeles Police Department has said.

Rock cracked a joke on Smith's wife Jada Pinkett Smith by comparing her tightly cropped hair to Demi Moore's appearance in the film G.I.Jane.

Jada has openly talked about her autoimmune disorder that resulted in alopecia and hence, the joke did go down well with Smith, who went up to the stage and punched Rock, leaving everybody in attendance shocked over the events.

Oscars: Chris Rock refuses to file complaint against Will Smith after assault

"Keep my wife's name out of your f*****g mouth," Smith shouted at Rock after returning to his seat.

After receiving the jab from the actor, Rock said, "Wow. Will Smith just smacked the s**t out of me."