The incident took place last night near Mahad, 170km from Mumbai, amid heavy rainfall. Besides the buses, several other vehicles are also believed to have fallen into the swollen river.
Two state transport corporation buses with 18 passengers and four crew have gone missing in the tragedy, Maharashtra Chief Minister Devendra Fadnavis said in a tweet.
"That was a false alarm, no dead body has been recovered till now. That (report of recovery of bodies) was a false call," he said late in the evening.
Earlier in the day, Raigad Collector Sheetal Ugale had said bodies of two men were fished out from the river by rescuers.
Patil said 28 Marine Commandos, over 100 jawans from National Disaster Response Force (NDRF) and 25 personnel from the Coast Guard were promptly pressed into search and rescue operation.
He said local divers and rafters also joined the massive operation which was called off (after 14 hours) for the night. Heavy rains hampered the search for the missing people and vehicles.
Another senior official said there are slim chances of finding any survivors and "but we will continue our efforts".
Fadnavis, accompanied by PWD Minister Chnadrakant Patil and opposition leader Radhakrishna Vikhe Patil of Congress, conducted an aerial survey of the area.
"An eyewitness informed us that he saw a few buses, cars and vehicles being swept away in the river. After corroborating his statement with the State Road Transport Corporation, we found two of its buses have not reached their destinations. Therefore, we apprehend those two buses were the same which were swept away in the river," the Collector said.
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