The toll could rise further as over 50 passengers were travelling in the two buses hit by the landslide, which was triggered by a cloud burst, they said. Some other vehicles may also have been hit by the landslide, the officials said.
"Forty-six bodies have been recovered, and of these 23 have been identified," an official said.
Rescue operations were suspended late evening as there were apprehensions of more landslides, he said. The rescue work would resume tomorrow.
Chief Minister Virbhadra Singh visited the spot. He said that eight passengers were travelling in the Manali-Katra Volovo bus, of whom three lost their lives, while five were rescued and taken to the zonal hospital in Mandi.
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There were around 47 passengers in the second bus which was on its way from Manali to Chamba, an official said.
The chief minister said the state government would bear medical expenses of the injured. He also met the bereaved family members and expressed condolences.
Thakur announced financial assistance of Rs 4 lakh each to the next of kin of the deceased, while Bali announced that Rs 1 lakh would be given to each bereaved family by the HRTC.
The massive landslide, covering an area of more than 250 metres, may have swept away some other vehicles also and damaged some houses, an official said.
The highway was closed and hundreds of vehicles were stranded on both sides, officials said.
D D Sharma, Director, Disaster management, Himachal Pradesh government said that a team of forensic experts had also been called considering that several of the bodies were mutilated.
"Pained by the loss of lives due to landslide related accidents in HP's Mandi district. My condolences with the families of the deceased," Modi tweeted.
I pray for the quick recovery of those injured, he added.