"Deputy Chief Minister R R Patil called us and assured us of adequate protection due to which we have decided to withdraw the strike," D A Salian, an officer bearer of the Bombay Taximen's Union (BTU), said.
The members of the Union would meet and decide about their future course of action, he said.
A group of approximately 20 to 25 alleged MNS activists stormed into the Central Mumbai office of the BTU where they assaulted office members and damaged property.
The Union immediately called for a flash strike.
Since Sunday, there have been sporadic incidents of attacks on taxi and autorickshaw drivers. BTU chief A L Quadros has sought the arrest of MNS leader Raj Thackeray in the wake of violence against the taxi drivers.
Quadros, who heads the Union which claims a membership of over 55,000, had also demanded compensation for taxi drivers affected by the violence.