The body of missing man Poshik Sharma has been found on the outskirts of Marysville, five days after he disappeared.
The 21-year-old was reported missing last Friday morning after leaving his friends at the Duck Inn on Thursday afternoon.
Police and emergency services had been searching Marysville and the surrounds since Friday.
More than 90 people from Victoria Police, the State Emergency Service, Country Fire Authority and specialist teams scoured the town, bushland and waterways as the search expanded at the weekend.
They had battled cold and rainy weather in their search, with temperatures dipping to zero degrees Celsius overnight.
Police said the body was found this morning about 11:00am.
The death is not being treated as suspicious and police will prepare a report for the coroner.
Inspector David Ryan, who was leading the police search, said it was "devastating for the family".
"They were very hopeful that with the effort that was going in that we would find Poshik and it's not a good outcome," he said.
Mr Sharma, an Indian national from Werribee in Melbourne's west, was in Marysville with friends on the way to snow at nearby Lake Mountain.
Police said they were forced to spend the night in the small town after not being able to make it to the snow.
The group was having a drink and playing pool at the Duck Inn pub on Thursday when they had what Inspector Ryan said was a "minor disagreement".
Mr Sharma left his friends about 4:00pm, and evidence suggested he then walked through town to try and hitchhike back to Melbourne.
His body was found in bushland on a property on the town's outskirts.
Police had earlier said his disappearance was "completely out of character".
Mr Sharma was in Melbourne as a university student, and Inspector Ryan said his parents in India had been notified.
His sister and brother-in-law had been in Marysville for the search.
