Police said R N Nayak was shot at as he got into his car after coming out of his office near the bus stand and the bullet broke through the windshield and wounded his heart.
Nayak's private gunman retaliated and fired at the assailants, one of whom was killed and another was captured. Two others escaped.
The businessman was pronounced dead when brought to hospital. Nayak's gunman was also wounded in the shootout, police said.
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