Priyanka's has posted a good amount of information on the subject.
Here are the important points:
The exact mode of action of chlorine in killing germs is not known.
Chlorine acts on various targets in a microbe like:
1. Disrupts the cell wall of microbes by reaction of chlorine with various macromolecules on the cell surface.
2. Damaging the cell membrane leading to termination of cell associated functions.
3. Release of vital cellular constituents and termination of cellular functions of the cell.