The deceased were identified as Arpit Sharma (22), Shorya Sood (22) and Rohit Bhatia (23), all students of B.Tech (final) year, police said.
While one of them died on the spot, two other students succumbed on way to hospital, they said.
The locals informed police about the accident, and the victims were identified from their examination admit cards.
Police suspect the mishap might have occurred due to over-speeding when the students were driving down the hill.