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The victim, a cloth merchant, went to an ATM to deposit money at Kothi when the robbers fired at him with a 'tapancha' (pistol), police said.
The victim fell on the ground and the offenders snatched his bag containing cash and left the place on his bike.
The victim was admitted to a hospital and his condition is out of danger.
He was injured in one round of firing and another round may have been fired in the incident, police said.
CCTV footage of the locality was being verified and special teams have been formed to crack the case, police added.