The incident took place late last night when the deceased, identified as Bapu Shankar Talwalkar, was returning from Badlapur.
Even though he hired a rickshaw there was an argument between the driver named Jaswant and him over the fare, inspector AD Sonawane of the Ambernath police station told.
When the rickshaw came to Jambhulpada at about 1.30 am, the driver got down and left the passenger without informing where he was going.
However, when the victim started walking his way home, the driver returned with a bunch of people, who assaulted him with some blunt objects, he said.
The passenger was seriously injured in the attack and rushed to a nearby hospital where he was declared dead on admission, police said.
Police are on a lookout to nab the culprits and further investigation is on.