Aurobindo Pharma vice-chairman Nityananda Reddy escaped unhurt in the attack, police said.
The attacker fled the scene, leaving behind his gun.
The sensational incident took place around 7 a.m. when Nityanand Reddy and his cousin returned to their car after a morning walk in the park. The gunman apparently tried to kidnap Reddy but the duo resisted his attempts. The armed man opened eight to 10 rounds, damaging the window panes of the car.
Faced with stiff resistance, the assailant fled the scene, leaving behind his weapon. Senior police officials rushed to the scene and launched investigations.
The incident sent panic among VIPs who throng the famous park for their daily morning walk. The park is located in front of the office of Telugu Desam Party (TDP) in the posh Banjara Hills.