The students had vandalised the campus yesterday to press for their demand.
"We have registered a case against the accused demonstrator and launched a massive manhunt to nab him", said city DCP Sanjiv Arora.
A special squad of the city police is on the job, he said.
Meanwhile, the institution authorities have closed it for two days as tension prevailed inside the campus for the second consecutive day.
Immediately after getting a written complaint from the victim, the institution had immediately placed the demonstrator under suspension pending enquiry.
With the man absconding, the students are blaming the principal P K Mohanty for not acting swiftly enough and have demanded that he be transferred. They have also demanded that the accused demonstrator be arrested immediately.