It said the affected can contact the helpline number 1800 116117 of the National Poisons Information Centre for help.
In a health advisory issued in public interest, the premier medical institute urged people not to panic and advised those affected to remove the contaminated clothing and rinse eyes thoroughly with plenty of water for at least 15 minutes.
It also asked people to move away from the source of exposure and ensure adequate ventilation.
Meanwhile, a five-member team led by Y K Gupta, HoD of pharmacology at AIIMS, visited the school and the depot, and interacted with the hospitals where the affected have been admitted.
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"We found that majority of the students have been discharged, while those who are still admitted are under observation. There is nothing serious and the students are being treated symptomatically," Gupta said.
V Aggarwal, assistant professor at RP Centre for Ophthalmic Sciences; Sharda Peshin, senior scientists at National Poison Information Centre, department of Pharmacology; Karan Madan, associate professor, department of pulmonary medicine and disorders; and Pankaj Jorwal, assistant professor, department of medicine constitute the rest of the team.
The students of Rani Jhansi School and Government Girls Senior Secondary School, run by the city administration, were rushed to nearby hospitals as they complained of irritation in eyes and breathlessness.
"While majority of the students have been discharged, three are admitted in the ICU," hospital authorities said.