In a statement, the Academy said the 94th Oscars had been "overshadowed by the unacceptable and harmful behaviour we saw Mr Smith exhibit on stage", BBC reported.

Will Smith, who picked up his much deserved Best Actor Oscar Trophy, has been 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.

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.

"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."

Smith had apologised after the incident.