The accident occurred at around 7.50 AM and the locals rescued the children aged between 10-14 years and informed police.
The driver of the bus fled from the spot after the incident, police said, adding the vehicle owner Karan Singh has been detained for questioning.
A case under relevant sections of the IPC was also registered at the Seelam Pur police station against the driver.
The injured students were taken to Jag Prawesh and Nehru hospitals and were discharged later, police said.