The accident took place around 1 a.m. when an SUV carrying the grapplers rammed headlong into an oncoming tractor carrying sugarcane.
Five others, including wrestlers, were injured in the accident and they were admitted in hospitals.
The wrestlers belonged to the institute, Kranti Kushti Sankul. "It is very sad and shocking, for us," said Sharad Lad, the institution's secretary.
They were all returning after a wrestling contest in Satara.