The accused, identified as Rajeev Ranjan, entered into a scuffle with his colleague Rajbir Singh over a petty issue, following which he stabbed the latter with a knife, a BSF officer said.
Before the senior officers could intervene, he fled the camp with one LMG and over ten magazines, the officer said.
The injured constable was admitted to Government Medical College and Hospital (GMC) where his condition is stated to be stable.
Meanwhile, the police have issued an alert and intensified checking at all the checkpoints across the city. A manhunt has also been launched to nab the constable.
"We have sounded a general alert and checking has been intensified at all the check posts across the city," Senior Superintendent of Police (SSP), Jammu, Sunil Gupta said.