The incident occurred this evening when Aman (20), Prince (17) and two others were travelling in the private boat from Jagatpuri towards Sonia Vihar, police said.
When the boat capsized, the two others managed to swim out while Aman and Prince failed.
The two friends raised an alarm and a rescue operation - involving several fire tenders, divers, boats and disaster response teams - was launched.
While Prince's body was fished out in late evening, Aman could not be traced till midnight, police said.
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