The youth, identified as Anmol Sarna, was spotted bleeding profusely and screaming for help by a passerby around 12.30 pm on Friday.
He was taken to AIIMS where he died around 2.30 am.
According to the police, Sarna had arrived at his friend's residence in Kalkaji's with four of his friends just half-an-hour before he was found severely injured.
During the party, they had allegedly taken LSD, other drugs and sniffed eraser fluid.
According to doctors at AIIMS, the injury may have been inflicted with a beer bottle or iron rod.
He died due to heavy blood loss, reports said.
An FIR has been registered by the police who is trying to ascertain the motive behind the incident.
However, no arrests are made so far.
Sarna had recently graduated from high school in New York and was visiting his extended family in Greater Kailash.
He was scheduled to fly to London on Saturday to start a course in hotel management.
--IBNS (Posted on 15-09-2013)