The dhow 'Arul Seeli', which was on its way from nearby Beypore to Lakshadweep islands with eight crew members, had sunk 24 nautical miles off the coast after developing a leak.
Coastal police was also conducting the search operation.
Three persons were rescued on the day of the mishap and on the next day, two more persons were rescued.
Meanwhile, the dhow was located 26 nautical miles off the Ponnani coast on Sunday during a coordinated search by the coast guard ship 'Annie Besant' and a dornier aircraft.
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