The alarm was raised yesterday afternoon by a member of the public who had spotted the men — both students at Dundee University — struggling in the water after jumping from the pier.

Graham and Michael leapt into action, sprinting along the beach and running the length of north pier which stretches out into St Andrews Bay.

A group of onlookers had already massed at the edge and were urging the pair to jump into the water.

“When I got to the end I could see one of the men was below me in a rescue ring which had been thrown in by a passer-by but the other guy was about 100 metres out,” Michael said.

“There was one woman who was panicking, telling us to jump into the water to rescue him.”

As Graham stayed on the pier to help rescue the man floating nearby, Michael — realising time was against them — plunged into the water.

“What I was supposed to do was walk down the stairs but I could see his head was going under the water,” Michael said.

“When I reached him he was semi-conscious and I threw him my torpedo buoy to grab onto, which he did.”

A surfer helped by using his board to bring the man back to shore.

The other man had by then been brought out of the water, aided by the St Andrews Coastguard team, and placed in the recovery position.

Asked how they felt about their role in the rescue, Graham and Michael said modestly admitted to feeling “quite good”.

Both the students, who are believed to be Indian, were taken to Ninewells Hospital in Dundee suffering from shock. One had swallowed a lot of water.

However, they were released last night.

They were fully clothed when they jumped from the pier, watched by three fellow students.

It’s understood one was unable to swim but was told by the other, a strong swimmer who had jumped from the pier before, that he would help him if he got into trouble.

Last night, the Coastguard issued a warning about the dangers of swimming in the sea.

Broughty Ferry Lifeboat was also called out but was stood down en route.