Moideen Basha and his friend Haneef Mohammed were walking on a road last night when the gang on two motorcycles waylaid them and attacked the former with knives, police said.
As Hanif attempted to rescue his friend, he was also attacked by the gang, who escaped from the spot.
Some members of the public took both the injured to a private hospital. However, Moideen died en route and Hanif died this morning without responding to treatment.
Five special teams have been formed to nab the culprits, police said.