The gunmen entered the office this evening and fired rounds at Punambhai and his son Dinesh Khinchi in their office premises from where they run Khinchi Financiers and Kailash Motors.
Talking to PTI, city police commissioner E Radhakrishnan said, "The police is probing the case".
"These unidentified people came in a vehicle and fired several rounds at Puna Khimchi. He has received bullet injuries in several parts of his body and his condition is stated to be serious," he said.
The two gunmen fled the spot while a third gunman was caught by his son.
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Top police officials rushed to the spot soon after learning about the incident and barricaded all roads to nab the accused. All angles including business rivalry in finance business are being probed, police sources said.
The nabbed gunman was allegedly beaten up by a mob gathered outside the office and has been admitted to the Gujarat government-run Sir Sayajirao Hospital.
The injured gunman who is now under police custody, reportedly said, "We had taken a contract to kill the financier".