Four persons--Haroon, Sameer, Mohammed and Junaid--took part in the stunt riding yesterday, they said.
22-year-old Sameer was killed after his bike hit a divider, police said, adding the other three were injured in the incident.
The festival has often witnessed instances of stunt biking and rash driving by youngsters in previous years.
Meanwhile, a group of people in the area protested against alleged denial of treatment to the victims. They also damaged an ambulance of the district hospital.
The police rushed to the spot and brought the situation under control.
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