The students, including intern doctors, belonging to occupational and physiotherapy courses in Seth GS Medical College were arrested on Sunday, Jan 3.
The institute lodged a complaint against the 18 students for ragging juniors of a medical college at a New Year party.
The students have been booked under various sections of the IPC and the Maharashtra Prohibition of Ragging Act.
The Seth G S Medical College is associated with the King Edward Memorial (KEM) hospital.
The accused students have been reportedly expelled from the hostels.