The accident occurred on Sunday, Aug 29, morning in the Andean region of Ecuador, Xinhua reported.
According to the sources the bus was traveling from Cuenca, in the centre of the country, to the capital Quito.
Most of the injured were in serious conditions and had been taken to nearby hospitals.
The latest toll has not been confirmed by the police. Earlier, Ecuadorian Interior Minister Gustavo Jalkh said 38 people died in the accident.