The incident occurred yesterday night at Madan Park area of Punjabi Bagh in west Delhi where the businessman, Praveen Bindal, resides with his family.
Bindal was standing near his new car outside his house when the youths' car hit his Swift Dzire apparently because of less space available on the road as a wedding procession was passing by at that time.
According to Bindal's wife, Kanchan, an argument ensued between both sides and soon the youths, helped by more of their friends, started beating him up with sticks and also rammed their car into him resulting in his leg getting fractured.
Bindal's car was severely damaged in the attack and a large stone was also found inside it, police said.
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The businessman was rushed to a nearby hospital where he is undergoing treatment. Meanwhile, three persons from the other side were also admitted in the same hospital, police said.
The youths have also lodged a counter FIR against Bindal alleging that he beat them up and damaged their car, police said, but added that they sustained minor injuries and only a side view mirror of their vehicle was damaged.