Manik Waygade, a farm labourer, fell into the borewell in the farm of Rajabhau Kale at about 1 PM yesterday.
The borewell was dug two years ago, but since it yielded no water, it was not in use, its mouth was covered by a basket.
Rescuers dug a parallel shaft to bring Waygade out while a team of doctors ensured oxygen supply through a pipe in the borewell, to help him breath.
He was then admitted in the District Civil hospital and his condition was stable, Kadam said.
District collector Sunil Kendrekar, Superintendent of Police (SP) Dattatrya Mandlik and other senior officials from Beed supervised the rescue operation.