Police said the incident took place at around 6 pm near Bandra Reclamation ground, when two motorcycle-borne hitmen and an associate emerged and opened fire at the victims. The assailants were astride a Yamaha and sped along Reclamation Road towards Mehboob studio at Bandra (west).

Sharma and Manjrekar, who were seriously injured, were rushed to the nearby Lilawati Hospital. Their condition is serious, police said. The victims were carrying out reconnaissance of the area for their forthcoming firm `Bagi,' when they were attacked.

Police have arrested one Asphaq Hussain Mohammed Hussain as he was about to escape from the scene of crime in an autorickshaw. A police officer said the shootout could be a fallout of inter-gang rivalry. Sharma allegedly had links with the Chhota Rajan gang, the officer added.