The victim was rushed to a private hospital where he was declared dead, police said.
He was returning to home on his car when the assailants stopped him and opened fire, they said.
Based on the information given by victim's driver who escaped unhurt, police suspect it to be a case of extortion involving a local gangster.
Meanwhile, senior police officials including DIG A Satheesh Ganesh and SSP B D Paulson reached the spot.
