Mr Owaisi was voicing his opposition on the triple talaq issue at the rally around 9.45 pm when the incident took place, a senior police officer said.
"I am willing to lay down my life for my democratic rights. These are all frustrated people, who cannot see that the government decision on triple talaq has not been accepted by the masses in general and Muslims in particular," Mr Owaisi told PTI.
"These people (referring to the person who threw the shoe at him) are the ones who follow the ideology of the killers of Mahatma Gandhi, Govind Pansare and Narendra Dabholkar," he said.
Mr Owaisi claimed that such incidents were happening at the behest of people, who follow "hate ideologies" and that they are getting emboldened with each passing day.
Deputy Commissioner of Police, Zone-III, Virendra Mishra said the police were going through the CCTV footage and probing the matter.
AIMIM MLA Imtiyaz Jaleel said Mr Owaisi was unhurt and continued his speech after the incident.
"We do not care for such incidents. Some people and parties do not want us to speak the truth. Mr Owaisi continued with his speech (despite the incident). We simply ignore these type of acts," he added.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.