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The two juveniles have been apprehended, they said.
The incident happened at around 11 pm on Sunday. Iqbal, a resident of Uttam Nagar, tried to stop the boys from creating disturbance outside the shop, they said.
A verbal spat ensued between them and one of the boys stabbed Iqbal multiple times outside the workshop. His nephew, Abdul Mobin, rushed to the spot and took him to ABG Hospital, a senior police officer said.
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According to the police, right before the incident Iqbal asked his nephew to close the counter when he saw two boys loitering near his shop.
Iqbal had scolded them earlier as well for loitering around his shop, for which they already held a grudge against him, they said.
A case of murder has been registered at Moti Nagar Police Station the two juveniles have been apprehended, they said.