The deceased has been identified as Shravan Kumar Mishra, a native of Ambedkar Nagar district.
He had come here to meet someone, they said.
The assailants shot him during late last night, the police said, adding that he suffered a bullet injury in his stomach.
He was rushed to the BHU trauma centre but succumbed to his injuries during treatment, they added.
A case had been registered against unidentified persons, the police said, adding that investigation is on to nab the assailants.
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Rajnikant Tiwari was shot at by masked miscreants when he was returning home from his shop, they said.
He was carrying a cash of Rs 50,000 in his bag which the miscreants snatched and fled after injuring him, the police said.
He was rushed to a nearby hospital in Sigra locality where he is undergoing treatment, they said, adding that his condition is stated to be stable.
Police have registered a case and a probe is on.