Vaibhav, Uday Karan and Anubhav Kalia slipped into the deep waters while bathing in Lakshman Jhoola area near Rishikesh.
Their friend Sahil Sharma was sitting on the bank of the river and informed the police about the incident.
Later, police launched a search operation and fished out the body of Uday Karan, while search to find the bodies of other two was still on.
All the students were in their 20s and were pursuing B.Tech from a private University of Petroleum and Energy Studies here.