Ajay Ramteke, an NCP member of the Akola Municipal Corporation (AMC), was returning home in an autorickshaw when the assailants fired six rounds at him near Damle Chowk in the heart of the city, they said.
He was rushed to Icon Hospital, where his left hand was amputated and one bullet removed from the body, hospital sources said, adding his condition is stated to be stable.
An old enmity led to the murder attempt on Ramteke, who was elected from Guljarpura civic ward, police said.
The NCP leader had returned from Mumbai by train and was on way to his home in old city area in the autorickshaw when he was attacked.
An attempt to murder case has been registered and further probe was on.
This was the second attack on Ramteke, who survived a murder bid on May 28, 2012 when he was shot near District Collectorate. Five persons were arrested in connection with the 2012 attack.