Basant Singh was on his morning walk when some “motorcycle-borne people shot at him from close range,” a police officer said.
He was initially admitted to a private clinic in Arrah, the headquarters of Bhojpur district, and later shifted to state capital Patna.
He is now said to be out of danger now.
Police said the attack on Basant Singh, who runs a transport business with a fleet of over a dozen commercial vehicles, seems to be the result of business rivalry.
Bharatiya Janata Party (BJP) leader Vinod Narayan Jha said the incident was yet another proof of the slide in law and order that the Bihar government, led by Chief Minister Nitish Kumar, has allowed.