The present article deals with the inter specific competition and intra-specific competition among predator populations of a prey-dependent three component food chain model consisting of two competitive predator sharing one prey species as their food. The behaviour of the system near the biologically feasible equilibria is thoroughly analyzed. Boundedness and dissipativeness of the system are established. Stability analysis including local and global stability of the equilibria has been carried out in order to examine the dynamic behaviour of the system. The present system experiences Hopf-Andronov bifurcation for suitable choice of parameter values. As a result, intra-specific competition among predator populations can be beneficial for the survival of predator. The ecological implications of both the analytical and numerical findings are discussed at length towards the end.