Maulana Aurangzeb Farooqi, who belongs to the Ahle-Sunnat Jammat, was attacked near Moti Mahal in the densely populated Gulshan-e-Iqbal area by unknown motorcycle-borne gunmen.
The religious scholar's driver and three security guards were killed in the firing, while he himself was admitted to hospital with serious injuries.
Taj Muhammad Hanfi, a spokesman for the Ahle-e-Sunnat Jammat, said the condition of Farooqi had now stabilised and urged his followers to maintain peace and calm in the city.
The news of the attack spread like wildfire and led to trouble and firing in other parts of the city with armed men disturbing normal life in many places.
In the random firing, one bystander was also killed while in another the son of a serving DSP was shot dead.
Since Sunday, at least 26 people have been killed in the city in the fresh wave of violence, even as President Asif Ali Zardari ordered swift action against the target killers creating unrest and fear in the city.
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Ten people were killed yesterday in the city, including two brothers and their relative who were gunned down at their shop in Nazimabad area.
The city has seen a surge in sectarian violence in recent weeks.