Yadgiri, a local leader of the party, was shifted to a hospital and his condition was said to be stable.
The attack took place in Old Bowenpalli when the assailants on a motorbike fired six rounds at the Congress leader as he was coming out of his house. They escaped after the attack.
Yadgiri is said to be in the real estate and liquor business.
Hyderabad Police Commissioner Mahender Reddy visited the scene of the firing.