The deceased was identified as Biswajit Biswas, Assistant Security Sub-Inspector, MCL.
Biswas was on duty when he was shot dead by a person identified as Binod Bihari Tripathy from point blank range, the police said.
Though Biswas was rushed to the nearby Veer Surendra Sai Medical Collage and Research Institute for treatment, he succumbed to his injuries on the way.
"Tripathy, who was a private armed security guard having a 12 bore gun, was not on duty when he reportedly entered into a verbal dual with Biswas and shot him," a statement issued by the MCL said.
"It is a very sad and an unjustifiable incident, which has taken place in the MCL family," said Chairman-cum-Managing Director of MCL A N Sahay.