The bus carrying 40 students overturned when it was close to the NCC Public School near Panjokhra village.
SHO Rajneesh Yadav of the Baldevnagar Police Station said the police was investigating how the accident occurred.
According to some accounts, the bus driver lost balance while trying to avoid hitting a cyclist.
Civil Surgeon Vinod Gupta said 33 students were brought to the hospital, out of which 21 were discharged after being given first aid.
The bus driver was referred to PGIMER, Chandigarh in a serious condition, police said.
The deceased girl was a resident of village Kalahari, they said, adding the conductor was a resident of Ambala City.
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