The services of divers have been requisitioned as part of rescue efforts.
About 20 students, who did not go to the river bank, are safe but were in a state of panic.
Efforts were underway to get the details of missing students from them, S R Mardi, ADGP(CID) said.
People living along the two sides of the river bank downstream of the dam have been alerted to inform the police about any person sighted by them.
The incident has sent shock waves and parents and friends of the missing students are making frantic calls to know about their whereabouts.
A helpline number has been opened for the families of the students.
Telangana CM K. Chandrasekhar Rao has directed the Chief Secretary Rajiv Sharma to coordinate with the Himachal Pradesh Chief Secretary and provide all possible assistance to the stranded students.
Meanwhile, Telangana Home Minister Nayani Narasimha Reddy has also sent a three member delegation to Himachal Pradesh to oversee the rescue operations.
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