"Sad to know about capsizing of a boat carrying school children of K L Ponda High School, Dahanu at Dahanu Parnaka Beach. The search operation is still on with local police and administration," Fadnavis said.
"Injured are admitted to cottage hospital and Kamble hospital. Our deep condolences and thoughts are with the families who lost their loved ones," he added.
President Ram Nath Kovind also offered his condolences to the families of those killed in the tragedy.
"Anguished to hear of boat carrying schoolchildren capsizing in Dahanu, Maharashtra. State government has rescued most of the passengers and is making efforts to trace those still missing. My condolences to bereaved families," the President tweeted.
Commandant Vijay Kumar, Coast Guard, said the boat might have capsized due to imbalance.
"With the coordinated effort of all agencies and local fishermen, 32 students were rescued, two pronounced dead and one unidentified body was found," he said.
The boat capsized 20 nautical miles off the Dahanu coast at about 11:30 am today.