They were part of a group of five youths who were found gesturing for help on Saturday when the rescue operation began at 6.50 PM, a Life Guard Services official said.
"Three youths were immediately rescued, of whom one died in hospital, while two went missing and their bodies surfaced after some time," he said.
The deceased were identified ad Gopalkrishna C K and Navin Bhalla (both 24) and Shravan Reddy (29).
Gautam Kumar, who was one amongst the five to be rescued, said the youths belonged to Andhra Pradesh and were employed with different IT companies in Chennai.