Police said a man in his 70s was allegedly threatened with a gun and pulled out of his car.
“The offender drove off in the Holden Commodore and police were notified,” Victoria Police said in a statement.
The stolen car was allegedly found in Warrawee Avenue about 4.25pm.
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“Officers approached and were confronted by a man with a firearm who was subsequently shot by police.
The man is in hospital in a stable condition.