The 2,200-dwt Priyanka (built 2002) had dragged its anchor on Monday after leaving Mumbai on Sunday, local reports said.
Eleven men were airlifted while the rest abandoned ship and came ashore on lift rafts.
The ship was carrying 1,900 tonnes of iron pellets.
Crew had reported the vessel listing dangerously.
It is operated by Safe and Sure Marine Services of Mumbai and owned by Meecon Pvt.
