Amin Chaudhary, Umair Rehman Ansari and Nazar Siddiqui, who suffered a bullet injury in his head in the violence, have been granted bail on a surety of Rs 30,000 each.
"Though the case relates to riots and huge destruction of public property, there is not sufficient basis to make out an offence under sections 302 (murder) and 307 (attempt to murder)," Justice A M Thipsay said.
This is the first time that the accused have been granted bail in the riots case. A total of 63 persons were arrested by the city crime branch for their alleged role in the riots at Azad Maidan in south Mumbai on August 11.
Five of the 63 persons were earlier discharged after police found that there was no case against them.
The court, while granting them bail observed that the trio had been in custody since August and their custody was not required.
The bail application of another accused - Akbar Raunak Khan - will be heard on October 25.
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All the three accused in their bail plea had said that they were not a part of the mob at Azad Maidan and were just passersby.
Two youths were killed and 52, including 44 policemen, injured on August 11 when a rally called to protest alleged atrocities on Muslims in Assam and Myanmar turned violent. The protesters went on a rampage, attacking police, media persons and vehicles.