The incident happened last night in Shaheed Udham Singh Nagar area here, Satnampura SHO Sukhpal Singh said.
Irked by the noise, two brothers - Rahul Kumar and his younger brother Ashok Kumar - allegedly assaulted the students with blunt objects, including a baseball bat, Singh added.
A police team, headed by ASP Harish Dyama, arrested the two accused from Kotrani culvert on a tip-off, Phagwara SP Parminder Singh Bhandal told reporters.
He said a baseball bat and a wooden handle of a spade used to hit the victims were recovered from the accused.
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Bhandal said all six accused had first brickbatted the rented accommodation of a paying guest house where six students of the private university lived.
They then broke the door of the PG house and barged into it, attacking Ashish, his friend Aman Kumar and others with blunt and sharp-edged weapons, he said.
The deceased identified as Ashish Kumar, a resident of Shillong and a final year BTech student at a private university here, sustained head injuries and died on the spot, he said.
The accused were booked on murder charges, he said.
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