Chandramohan, hailing from Andhra Pradesh and a post-graduate student of Fine Arts in the University, was released from custody after furnishing a bond of Rs 5,000.
He was arrested from the campus on May 9 for allegedly depicting Hindu gods and goddesses in "obscene postures."
Controversy had broken out when Vishwa Hindu Parishad and Bharatiya Janata Party workers barged into the Fine Arts faculty and vandalised art exhibits of gods and goddesses displayed by Mohan earlier this week.
Some Christian groups also objected to the art works.
The arrest of Mohan had provoked protests from students and teachers alike with the Dean of Fine Arts department Shivaji Panikkar being suspended after he refused to close the controversial art exhibition.