The incident occurred near the venue of the Global Education meet at the Leela Convention centre at Kovalam.
The Students' Federation of India activists had gathered in front of the conference venue protesting against the meet, alleging that it was meant for further commercialising higher education sector and allowing entry of foreign universities.
A tense situation prevailed in the area since this morning.
Sreenivasan, former Permanent Representative of India to the United Nations, Vienna, and Ambassador to Austria and Slovenia, had reportedly come out to greet some delegates when the attack took place.
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There was a heavy posse of police personnel at the scene.
The students were later arrested and removed, police said.
CPI(M) district secretary Kadakampally Surendran alleged that the government was using police against students.
When pointed out that an SFI activist had hit Sreenivasan, Surendran apologised on behalf of the students.
"I apologise on behalf of the students. This should not have happened," he told reporters. He also said that as a tense situation was prevailing there, Sreenivasan should not have gone to speak to the students.
Defending the meet, Sreenivasan told reporters that its only objective was to improve the educational sector in the state.
"The world is witnessing revolutionary changes in educational sector. Why should Kerala alone be like a frog in the well?" he asked.
He also criticised CPI(M) leader and politburo member Pinarayi Vijayan's reported remark that he (Sreenivasan) had been "brought to Kerala to commercialise higher education sector."
"Just as the Marxist party had objected to computers when they were introduced, they are now opposing the meet," he said.
Sreenivasan said he had not filed any police complaint with regard to the incident.
Criticising the incident, state Home Minister Ramesh Chennithala said, "Peaceful protests will be allowed, but no one will be allowed to take law into their hands."
Describing the attack on Sreenivasan as an "unfortunate" incident, KPCC president V M Sudheeran said it was "very wrong.