Rajat Vashishth (23), nephew of Arun Vashishth, was travelling on a bike along with his friend Gaurav last night when the four assailants stopped him near the Apex Tower and later one of them shot him dead, they said.
Rajat was taken to a medical college hospital, where he was declared brought dead, police said.
Few youths have been taken into custody and they are being questioned in this connection, they said.
President of the Traders's Association, Arun Vashishist has threatened a bandh if the accused are not arrested soon, they said.