The two guards were held at gunpoint and robbed a large sum of money they were transporting to the bank at the time.
The money was moments before uplifted from the privately operated – Balwant Singh Hospital.
According to reports, the guards , who were also armed, were held up at Middle and East Streets by three armed bandits on motor cycles.
The bandits demanded the cash and shot one guard before making good their escape.
The name of the injured man is not immediately known.
A police investigation has been launched.