The jeweller Ravi Kant fell to the ground after sustaining bullet injuries and succumbed while being taken to Patna Medical College and Hospital (PMCH), Senior Superintendent of Police Manu Maharaj told PTI.
Kant owns a shop in Rajapur bridge area in the heart of the city.
Eyewitness said the killers fled from the scene on foot brandishing revolver after gunning down Kant.
The SSP said that kins of the victim complained that a history-sheeter Durgesh Sharma had demanded extortion money from him and the murder is linked to his not paying "rangdari" (extortion).