The incident happed near Mahila Kalyan Kendra, Ganesh Nagar in Kandivali West.
The local police reached the spot and further investigation is going on.
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The victim sustained a bullet wound to his head due to which he died on the spot.
During the preliminary probe, the police found CCTV footage, in which the victim and the accused can be seen talking to each other on the roadside and the accused later allegedly fired at the victim and fled the scene.
A case under section 302 (murder) and other relevant provisions of the Indian Penal Code has been registered.
According to the police, a manhunt has been launched for the accused.
More details awaited.