The mishap occurred at around 10 am near Mankoli on the Bhiwandi by-pass road, a senior police official said.
The car was going to Thane from Bhiwandi when its driver lost control of the vehicle and hit the divider after which it collided with a Thane Municipal Transport bus, the official said.
The deceased have been identified as Vikrant Singh (24), Niraj Panchal, Mihir Uttekar and Nirav Mehta (all 23).
Their bodies were sent to the Thane Civil Hospital for postmortem while the injured have been transferred to the J J Hospital in neighbouring Mumbai, the official added.
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