The incident occurred when the two journalists despite being told to keep away from the site were standing nearby, resulting in the mishap, police said.
About 12 employees of the BMC also suffered injuries in the incident.
After the collapse of an overhead water tank in Arera Colony recently that killed seven persons and injured 35 others,the BMC administration had identified water tanks that were in dilapidated condition and launched a drive to pull down such tanks using explosives.
Though a tank in Sunder Nagar was successfully razed down, the mishap occurred due to alleged negligence of those present on the spot when the drive was going on in Anand Nagar locality,police said.
The injured journalists were identified as Narendra Sharma and Manoj Rajput, police said adding they were admitted to a hospital for treatment.
The BMC employees who also suffered injuries were discharged after first-aid, police added.