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Srinivasan, 45, was attacked by a group of assailants at his shop in the heart of Palakkad town.
The suspects reportedly arrived at the spot on motorbikes. The victim was immediately shifted to a private hospital but could not be saved, they said.
The incident occurred less than 24 hours after a Popular Front of India (PFI) leader was killed in a village near here.
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Reacting to the attack, the BJP alleged that the Social Democratic Party of India, the political offshoot of PFI, was behind the killing of Srinivasan.