The body of Rahul Prasad, a final year B Tech student hailing from Kerala, was found hanging from a ceiling fan, they said.
The incident comes barely a month after the suicide of IIT-M M.Tech student Nagendra Kumar Reddy in the hostel on September 21.
"He (Prasad) was found hanging in his room in Ganga hostel in a nylon rope tied to the fan. Today he had an exam, he, however, did not turn up and hence his friends came to his room to check and found him hanging," a police official told PTI.
Police retrieved the body by breaking open the room door and sent it to a government Hospital here for autopsy.
Prasad hailed from Kollam in Kerala and he was last seen by his friends by around 9 pm yesterday.
The student's family members have been informed and they were on their way here, he said.
"No suicide note was found... A case has been registered and further probe is on. As of now we do not know the reason for the suicide," he said adding the body had no injuries.