Police said the victim and his 26-year-old daughter were returning from a hospital on Saturday night when the four accused, who reside in the city's Moti Nagar neighbourhood, passed lewd comments, reported NDTV.
He dropped his daughter home and went back to the spot to confront the accused. Concerned about his safety, the daughter sent her brother after him.
When the daughter did not hear from them for a while, she rushed to the spot and saw that a fight had erupted.
"I found them attacking my father and brother with stones... they even threatened to get a gun and shoot us all. I begged them to stop, but they grabbed me by the neck and pulled my hair. I saw them stabbing my father and brother with knives," she was quoted as saying.
The injured businessman was taken to a hospital where he succumbed to his injuries.
Police have taken all four accused including two minors into custody.
The victim's family members claimed that passersby remained apathetic through it all, recording the incident on their mobile phones instead of helping the victim.
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