B Manikam, who is in his 50s, was shot several times on Thursday while having a chat with a friend outside his home in Taman Desa in Yong Peng, the Malaysia Star reported.
Both men were rushed to the Batu Pahat Hospital for treatment. Manikam is said to be in a serious condition.
Police were investigating all angles, including business rivalry or political reasons, that may have led to the shooting.
Established in 1946, MIC is one of the three major constituents of Malaysia's ruling Barisan Nasional coalition.
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