Jammu and Kashmir Apni Party leader Ghulam Hassan Lone was shot dead at his residence in Devsar in Kulgam district. Terrorists fired bullets at the leader.
As per news agency ANI, he was shifted to the hospital.
Police said they have taken cognisance of the incident.
This comes just two days after terrorists shot dead BJP leader Javeed Ahmad Dar in the same district.
Before that, two Lashkar-e-Taiba terrorists on August 9 barged into the house of a BJP sarpanch in Anantnag district and killed him and his wife.
Lone's killing also evoked widespread condemnation from mainstream political parties including the PDP, the National Conference and the People's Conference.
Former CMs Omar Abdullah and Mehbooba Mufti expressed grief over the leaders assassination.
Abdullah taking to Twitter said, "Very sorry to hear about the assassination of Ghulam Hassan Lone in Devsar area of South Kashmir. This renewed trend of targeting mainstream politicians by militant outfits is very worrying & I condemn the same in the strongest possible terms. May Allah grant the departed Jannat."
"Unfortunately there seems to be no end to the spree of political killings in Kashmir. Unreservedly condemn the killing of Apni party leader Ghulam Hassan Lone. My deepest condolences to the bereaved family," said Mufti on Twitter.
People's Conference chairman Sajad Gani Lone said, "Strongly condemn the killing of @Apnipartyonline leader Ghulam Hassan Lone in Kulgam. Recent spate of attacks on mainstream leaders is worrying.
"Violence only brings miseries to people. Such killings only create more widows and orphans. These heinous acts must cease," he added.
Jammu and Kashmir Lieutenant Governor Manoj Sinha condemned the killing of Ghulam Hassan Lone, vowing to bring the perpetrators to justice very soon.
"Anguished to hear about the terror attack on political leader Shri Ghulam Hassan Lone at Devsar, Kulgam. I strongly condemn this cowardly attack," the LG tweeted.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)