The incident took place around 9.45 PM when the youth, identified as Balram, had gone out for a stroll with his dog near the canal, not very far from his residence in New Ashok Nagar, said a senior police official.
The dog suddenly slipped and fell into the canal, following which Balram dived into the water body to save the animal. Soon, locals raised an alarm and police were informed.
The fire department was roped in for a rescue operation, the official said. In a few minutes, the dog came out of the canal but Balram could not be traced. His body was later fished out by the rescue team around 11.45 PM. He was rushed to a hospital, where doctors declared him dead, DCP (East) B S Gurjar said.