The incident reportedly took place on Monday and was shot on a mobile phone by a student and shared on WhatsApp, which subsequently went viral.
Incidentally, students are banned from using mobile phones in the school campus.
Parents, expressing their dismay and shock over the incident, have demanded strict action against the students involved in the incident.
The school management said it has taken "necessary corrective action to reform the aggressors in the particular case".
"All appropriate and effective actions have been taken by the management keeping in mind the welfare of 2,000 students of the school. Necessary action to reform the aggressors have also been initiated," school trustee Ashok Pratap Singh told PTI.
Asked whether the two students, who were seen attacking the class VII student, have left the school, Singh said, "It might have happened."
Singh said an open house meeting of parents and the school management has been scheduled for tomorrow to discus the issue and the action against the students will be announced there.