The victim, Brajesh Sahay, Assistant General Manager (AGM), TML Driveline of Tata Motors, was returning home from office in his car when the attackers opened fire near his residence in Nildih, killing him on the spot, Senior Superintendent of Police Amol V Homkar said.
Seven to eight bullets were pumped into his body.
Police have launched a manhunt to nab the attackers.