The incident occurred in Dharmasagar lake on the outskirts of Warangal town, where the students had gone for an outing.
Rescue workers have retrieved the bodies of P. Shravya Reddy (19), Vinootna (18), K. Shivasai (19) and P. Shivasai Krishna (20). The search is on to trace Sagar (19).
All five students were in the final year of B.Tech (computer science) at Vaagdevi College of Engineering in Warangal.
Another student Ramya Pratyusha, who survived the tragedy, told police that they were standing on the banks of the lake when one of them slipped into the water and the others entered the lake to save him.
Pratyusha was saved by another student.
