The incident took place near Zakir Hussain College at around 11:30 am and the deceased has been identified as Mohd Sultan, police said.
The armed men entered a boutique in Shakur Ki Dandi area and allegedly looted Rs 6,000 and a mobile phone of the owner.
As they were fleeing, Sultan and Mohd Nawab (60) tried to apprehend them but were shot at. Sultan died on the spot while Nawab is recuperating in a hospital, police said.
The robbers had locked the door and fled from the area. However, one of the workers managed to open the door and alerted the passersby.
People chased the robbers and Nawab, who was outside a shop with his grandson, tried to stop one of them.
The robbers shot Sultan in his head and also shot at Nawab and managed to escape from the spot.
A case of robbery, murder and attempt to murder has been registered and police have recovered three empty cartridges and a live cartridge from the spot.
