The gang members also bound their two children before robbing silver vessels weighing 1.5 kg, 13 sovereigns of gold and Rs 20,000 cash from the house mid-night last night.
They also decamped with the booty in the Chairman's car parked outside the house, on Sholapuram main road and abandoned it later.
Police said when her husband ran upstairs on hearing some noise, the gang members attacked him. On hearing his cries, Lakshmi, who had gone up to enquire, was also attacked.
Superintendent of Police Zia-ul-haq visited the spot and said three special teams had been formed to trace the gang members.
Police are looking into various angles, including political rivalry.