The incident took place this evening near Bagras Dhyanchakki village where 11 children accompanied by an elderly man had gone to attend the fest, Circle Officer Bhaskar Jha said.
The children were from Lochhe village situated across the Kavar Lake.
Jha said after attending the feast, the elderly villager and the children took a boat which was docked at the bank of the canal that connects the Budhi Gandak river to the lake.
Locals dived into the canal, fished out the bodies of four children and rescued the remaining seven who sustained injuries, Jha said.
The deceased have been identified as Rukmini (8), Ayush (6), Prachi (9) and Radha (6), Jha said adding that the first two were siblings.
The injured children were admitted to a nearby Primary Health Centre, the circle officer said adding that one of the kids was later referred to a hospital in Begusarai town as his condition was critical.
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