In a cctv footage, one of the students can be seen shooting the victim with his pistol inside a classroom.
It is claimed that the crime took place as a result of quarrel between the three students that happened two days before.
The victim was identified as Mohit and the accused were recognised as Sumit and Kunal.
The Haryana Police reached the spot soon after they received the information of the incident.
It is further alleged that Sumit and Kunal flee from the spot immediately after the accident.
An investigation is underway. Further reports are awaited.