The man, a vegetable wholesaler, was shot at around 5 am while he was going to the market along with his father in his car, they said.
Senior superintendent of police H N Singh said that the victim was carrying Rs 3 lakh. When their car reached at the Vasundhara-Indirapuram intersection, a swift overtook their car and allegedly forced them to stop.
Two of the five assailants smashed the window pane of the car and took them on gun point, the official said.
The man was admitted to a hospital, where he is recovering, he said.
Preliminary investigation revealed that the robbers were chasing them from their house of Chiranjiv Vihar of the Kavinagar police station area, the official added.
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