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A video of the brutal assault has gone viral, triggering outrage.
An elderly woman who was trying to stop the accused was also pushed, showed the video.
Police said the woman was assaulted as she could not repay Rs 23,000, which she owed to one Suresh Chaudhary. She has been admitted to the civil hospital and was stated to be out of danger, they said.
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Suresh Chaudhary, Roop Lal, Sunny Chaudhary, Guddi, Sekhu and Jebo have been arrested, while four others Rakesh Chaudhary, Hassan, Renu and Jyoti were on the run, police said.
They have been booked under several charges, including attempt to murder.
Police said efforts were being made to arrest the remaining four accused.
Punjab chief minister Amarinder Singh condemned the incident and said such acts of violence will not be tolerated.