The students were enrolled at Barcelona University as part of the European Erasmus exchange programme, said Jordi Jane who heads interior matters for the Catalonia region.
The accident occurred near the small town of Freginals, about 150 kilometres south of Barcelona as the bus was returning from a traditional festival in the eastern city of Valencia.
The driver "hit the railing on the right and swerved to the left so violently that the bus veered onto the other side of the highway," Jane said.
The bus was carrying 57 people in all, including the driver.
Of the 43 injured, 30 have been rushed to hospital, Jane said.
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