The attackers assaulted Noorani and his driver with knives near Urdu University, the Dawn reported.
The newspaper quoted police as saying that the duo were taken to Poly Clinic for treatment and were said to be in a stable condition.
Noorani had covered the Supreme Court's proceedings on the Panama Papers case and was also covering the Sharif family's legal troubles extensively since judgement on the case.
Ansar Abbasi, the Editor Investigations at The News, said that Noorani had been severely beaten by six attackers and sustained multiple head injuries.
"Ahmad Noorani is beaten & wounded with head injuries. Taken to hospital. Intercepted and attacked near O-Point Urdu Un Isloo a while ago," he tweeted.
Pakistan is considered amongst the most dangerous countries in the world for journalists to work as they are often targeted by authorities and terrorists. (ANI)