Manmohan Singh was killed in the incident that took place last night in the densely-populated area of the town, they said.
In her police complaint, Singh's wife Rajwinder Kaur alleged that her husband had an old rivalry with Sahil Bhagat and Gurmukh.
Last night, when he was at the chowk, Bhagat and Gurmukh along with six of their associates attacked him with sharp- edged weapons and stabbed him to death, she claimed.
On the basis of the complaint, the police have registered a case under relevant sections of the Indian Penal Code against the accused, who are at large.