The tragedy took place amid rain in the city around 10.40 am when the FOB was heavily crowded, a police official said.
Police suspect a short-circuit with a loud sound near the FOB led to panic and people started running, resulting in the stampede.
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Fifteen people were brought dead to the KEM Hospital in Parel, the official said.
Those injured were taken to various hospitals, he said.
Officials of the railway, police and fire brigade rushed to the site to carry out rescue operations.