The incident took place last night when the victim, identified as Kiran Nikam was driving towards his house on his motorcycle. Five persons stopped him and an altercation ensued, Deputy Commissioner of Police Laxmikant Patil said.
The assailants then attacked Nikam on his head and chest leaving him grievously injured. The accused then fled the scene, the official said adding the victim died on the spot.
As per preliminary investigations, it is suspected that previous animosity between the accused and the victim might have been the reason behind the killing, the DCP said.