SHO Loni Kotwali O P Chowdhary said the victim, Waseem, was returning home last night after closing his showroom when three bikers waylaid him and fired at him.
On receiving information, police reached the spot and rushed him to hospital where he is stated to be critical.
Police said he had a monetary dispute with his former partner, Riyaz.
An FIR has been registered against three accused, including Riyaz, under section 307 (attempt to murder) of the IPC. The accused are on the run, the officer added.
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