The man's 19-year-old son was also injured in the incident that took place in the early hours of Sunday, they said.
The boys passed some lewd comments and made indecent gestures at the businessman's 24-year-old daughter, when they were returning home on a two-wheeler from a hospital, police said.
The man had taken his daughter to hospital after she complained of severe headache.
The man after dropping his daughter home, complained to the boys' father about their behaviour, claimed a family member, who did not want to be named
An argument broke out over the issue and in the midst of it, the businessman was attacked and stabbed multiple times, he alleged.
Hearing the commotion, some people came out of their houses, but no one intervened, the family member said.
The victim's 19-year-old son came to his father's rescue, but he was also stabbed.
Somehow, he managed to raise an alarm after which his mother and sister rushed to the spot and took the father-son duo to a hospital.
The businessman succumbed to injuries Monday morning, while his son is still battling for life, police said.
Two men -- a 20-year-old man and his 45-year-old father -- have been arrested.
Two sons of the accused, who are juveniles, have also been apprehended in connection with the incident.
The body has been sent for post mortem and a report is awaited.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)