Mr Shekhawat, who worked as a sales manager with an automotive company, was returning home on Wednesday night on his superbike, a Kawasaki Ninja ZX10R, which costs about 22 lakh rupees and can reach speeds close to 300 km per hour.
While crossing the JLN Marg, he reportedly tried to avoid two people who were crossing the road, but ended up losing balance and hit them. The motorcycle skidded and Mr Shekhawat was dragged along with the bike for nearly 50 feet, a news report said.
Some reports suggest the helmet that the biker was wearing was an imported one, worth nearly Rs 50,000. These helmets usually have a snug finish so that they don't move around while the motorcycle travels at high speeds.
The man, who the biker had hit with his bike, was also seriously injured in the accident.
A photo released by ANI of the superbike post the crash shows the severity of the impact. Plastic parts on the front of the bike have completely been ripped apart and so has the handlebar.
A police case has been filed, according to ANI.