Pune, Oct 22 (IANS): At least two persons were killed during indiscriminate exchange of between two groups of people at Urlikanchan on the Pune-Solapur Highway this afternoon, police said.

According to an official of Pune Police Control Room, the incident happened around 3 p.m., when at least 4-5 persons casually walked over to a restaurant and opened fire at local sand-dealer, Santosh S. Jagtap who was standing there with some others.

Though injured and collapsing, Jagtap fired back and managed to kill one of his assailants, identified as Swagat B. Khaire, while the others fled.

Jagtap's personal bodyguard, who also fired back at the gangsters, was seriously hurt in the fierce gun battle which struck terror in the vicinity.

After the firing ended, some locals rushed the badly wounded duo to a hospital where Jagtap succumbed a short while later, while the bodyguard is undergoing treatment.

Crack teams from Loni Kalbhor Police Station rushed to the spot, sealed all exit points, deployed road-blocks and launched a manhunt to trace the attackers.

Though the exact motives behind Jagtap's killing is not clear, preliminary investigations point to a previous business rivalry, but police are probing from all fronts.