The incident occurred past midnight on Monday when the car lost control after it was trying to avoid a two-wheeler.
Ansi Kabeer, 25, winner of Miss Kerala 2019 and the same year's runner-up 26-year-old Anjana Shajan were travelling in the car along with two others.
While the two died on the spot, the condition of one of the two surviving persons is said to be serious.
"On account of the impact of the accident, the car was totally damaged and the two winners of the beauty event died on the spot," police said.
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