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The private bus, on its way to Cuttack from Talcher, crashed into the railing of the bridge and plunged 30 feet down into the dry riverbed, they said.
According to eyewitnesses, the driver of the bus lost control when a buffalo came in front of it. The driver swerved the bus to save the animal and thus the accident happened, a police officer said.
Policemen from Cuttack, along with fire brigade personnel and the Odisha Disaster Rapid Action Force (ODRAF), rushed to the accident site to rescue the trapped passengers.
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Emergency officer of SCB Medical College and Hospital B N Maharana said they have received 12 bodies. Among the deceased nine were men and three woman.
Forty-nine people were undergoing treatment at the hospital, Maharana said.
Chief Minister Naveen Patnaik expressed deep concern over the accident and has directed Sports Minister Chandra Sarathi Behera to rush to the spot and oversee treatment of the injured.
The chief minister announced an ex-gratia of Rs 2 lakh each to kin of the deceased. He said the injured would be provided free treatment.