The victims, identified as Sidharth (22) and Saurabh (20), both engineering students at a private college, were returning from coaching classes when the incident occurred, police said.
Sidharth, who was believed to be driving the car, lost control over the vehicle after which it rammed into a divider and then hit a pole, they said.
The pole broke due to the impact of collision and part of it fell on the car damaging it further, police said.