Police said the promoter was shot from close range by the other promoter, who was his friend-turned foe, at around 9.45 am when he was accompanying his son to school.
The promoter was declared brought dead when rushed to a nearby hospital and locals ransacked the accused's residence and office.
A large police force was rushed but none was arrested.
"The accused has been absconding since the shooting and we have launched a search for him. Going by the initial probe it appears the killing is a fallout of a feud between the two over the construction of a building in the locality. We are probing the matter," the police said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)