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There were 44 people in the bus, including 35 women students from Kamala Nehru College and six coordinators for the group, SDM Bilaspur, Abhishek Kumar Garg said.
The accident took place on the Chandigarh-Manali road.
One student, hailing from Jaipur, was crushed to death while four others suffered fractures and rest minor injuries, the officials said.
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Passersby pulled out the injured from the bus and rushed them to the Bilaspur Regional Hospital. One passenger was referred to PGI Chandigarh and two to AIIMS Bilaspur.
Police have registered a case of rash and negligent driving against the driver of the bus. The driver and the conductor fled the spot after the accident, the SDM said.