The incident occurred yesterday when the students were returning home from school, an official with Yeoda police said.
They had gone into the river for a swim and drowned due to its water current, he said.
As the students did not return home in the evening, the parents and the locals launched a search. They found their bodies on the river bank late last night, the official added.
The bodies have been sent for post mortem and investigations are underway, police said.