No one was injured in the incident that spread panic in the upscale area. Police said the attacker fled leaving behind his weapon.
"One person tried to kidnap him (Reddy). However, he resisted his attempt. Following this, the person fired in air and also at his car. Three rounds were fired in the process before he fled the scene," Assistant Commissioner of Police, Banjara Hills, Uday Kumar Reddy said.
According to an eyewitness, the unidentified attacker sat in Reddy's car and then threatened him with an AK-47 rifle. However, Reddy's brother, who was sitting in the car's rear seat, tried to resist the attacker's attempt. In the scuffle, the attacker fired some rounds at the car's windshield.
Later, the weapon was seized from the car, police said.
Reddy, who is Vice Chairman of Aurobindo Pharma, said after finishing his morning walk at KBR Park here, he sat in his car and was about to start it when the attack took place.
"Suddenly this man came and threatened me with the gun. I tried to catch hold of the weapon and also shouted for help and my brother tried to catch him. The person fired some rounds at my car before fleeing," Reddy told reporters after the incident.
Police recovered a few empty shells from the site. Sniffer and tracking dogs were pressed into action to nab the attacker.