The assailants came on two motorcycles and held the pistol at Pandit's temple and mouth and shot him dead when he was returning home from his brother's shop at Bramhpuri at around 8.30pm, police sources said.
Thereafter, they fired several rounds and one bullet hit the victim's chest too. Pandit, a former district BJP Vice President, fell down bleeding.
The assailants then fired in the air to scare away the people in the area and fled abandoning one motorcycle which went out of control and skidded sideways.
They also stoned buses and other passing vehicles and police fired in air to control the mob which fired at the police team, the sources said.
District Magistrate A.V.Rajamouli deployed additional forces drawn from neighbouring districts and PAC and Rapid Action too were pressed into service.