The 28-year-old Army officer, Major Sanjay Kumar Dwivedi, lost his balance and fell into the stepwell and was drowned said police adding his body could be recovered only this afternoon.
Police is awaiting the arrival of his family members from Dehradun, SHO (Kotwali) Indra Singh said.
Major Dwivedi was posted at the Signal Core in Jodhpur military station here.
"After enjoying the burning of Holi in the city, all the three had dinner in a guest house and headed to a nearby ancient stepwell, Toorji ka Jhalra, past midnight, which is a tourist attraction in the city," the SHO Singh said.
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His friends raised an alarm and the people rushed to the spot along with the police.
Divers were roped in to rescue him. But his body could be finally recovered from the stepwell by the afternoon, the SHO said.
Police have informed the army officials, who informed the family members of Dwivedi, who belonged to Dehradun.
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