The incident took place when four students of the ISM went to take bath at the famous picnic spot and in the course of bathing, one of them identified as Lavansh Sharma slipped and fell, police said.
His friend Arun Kumar Singh jumped into the water to rescue him and both of them fell in the swirling water.
Arun Kumar Singh, a 3rd year computer science student, was a resident of Raharbandh in Sonebhadra district of Uttar Pradesh and Lavansh Sharma, a 3rd year electrical engineering student, is resident of Rajgarh in Madhya Pradesh.
Dhanbad Superintendent of Police Hemant Toppo confirmed the incident and said that ISM management has been informed.
Rescue work was suspended after darkness set in.
ISM officials reached the spot after getting information.
ISM Registrar Col MK Singh said that incident would be probed.
The Warden, dean of students welfare and heads of department have been asked how students went there without permission, he said.
Two students of ISM had died in a similar way in September 2012. Since then, the ISM management had banned students from going out of the campus without permission.
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