Industries Minister P.K. Kunhalikutty, PWD Minister V.K. Ebrahim Kunju and Food and Civil Supplies Minister Anup Jacob entered the lift near the speaker's office on the first floor.
The support snapped and the lift hit the basement.
"Yes, we were in the lift and it was a rude jolt for all of us. I have informed Sakthan Nadar (deputy speaker who is now in charge of the house)," said Jacob.
A staff member attached to Kunhalikutty's office said: "The lift was to stop at the ground floor, but it did not and it dropped to the cellar. The door opened and all could get out. None of us suffered any injury."
The incident occurred soon after the assembly was adjourned as a mark of respect to Justice (retd) V.R. Krishna Iyer, who died Thursday.
Chief Whip in the Assembly P.C.George said that a probe should be conducted into the episode.
"It's rather a sorry state of affairs that such a thing has happened. Those responsible for upkeep and maintenance should give an answer on why this has happened," said opposition legislator A.M. Arif.