The violence erupted inside the stadium. Street battles between angry fans and police continued outside.
River needed to win by two clear goals against Belgrano de Cordoba, but only managed a 1-1 draw.
This meant that River dropped to the country's B league for the first time.
The match, held in River's Monumental stadium, had to be abandoned in the final minute, amid chaotic scenes.
River Plate's fate seemed sealed after Mariano Pavone missed a penalty Police fired water cannon up into the stands, following a pitch invasion by furious River fans.
Players from both teams had to be escorted off the field.
The violence continued after the game, with clashes outside the stadium between hardcore fans and helmeted riot police, as helicopters hovered overhead.
Police fired rubber bullets and tear gas, and also deployed mounted units to try to disperse the fans, who threw rocks and set fire to vehicles and rubbish bins.
At least 65 people were hurt, among them more than 20 police officers, according to Argentine media.
In all, more than 2,000 police had been deployed before the game in an unparalleled security operation for a club game.
TearsThe game itself was a fiercely fought contest. River had gone 1-0 up within the first five minutes.
Continue reading the main story"From hope and euphoria to sadness and violence" - Clarin, Argentina
"River Plate: 110 years of glory and a day of infinite sadness" - Telam, Argentina
A football game saw the Monumental (stadium) go from hope to senselessness in 90 minutes - La Nacion, Argentina
"Like a true Argentine tango, River's last three seasons end in tragedy" - Gazeta Esportiva, Brazil
"A giant falls, setting off a roar that reverberates around the world" - El Pais, Uruguay
"Drama of the 'millionaires': it is as if Real Madrid were relegated - El Pais, Spain
"The nightmare has come true...League B is no longer a spectre but a harsh reality" -La Gazzetta dello Sport - Italy
But they saw their lead slip in the second half, after a Belgrano goal.Then the man who had scored River's goal, Mariano Pavone, had a penalty saved, to the stunned reaction of more than 50,000 home fans. And that effectively sealed their fate.
By the end of the game, some of their players were in tears.
River, which has won more domestic titles than any other club (33), was one of only three never to have dropped out of the first division.
Many commentators have described it as a drop into the "abyss".
Argentina's press reacted to the result with disbelief.
The national daily, Clarin, wrote: "No-one, absolutely no-one, will be able to forget this day."
It said while Belgrano had been the "executioner", they did not bear most of the responsibility for River's fate.
And it added that "even the poor refereeing... and the management errors" that had helped bring the club to this point did not justify the incidents at the end of the game.
"Incredible but real" was the headline in the sports paper, Ole.
It flagged up the fact that River's descent has been presided over by one of its all-time greatest players - Daniel Passarella, the club's current president.
Police were among the injured in the troubles that marred the match In recent weeks, River's fans have reacted angrily to a string of poor results, demanding his resignation.
It has been a steep fall from grace for Passarella, the man who captained Argentina's World Cup winning squad in 1978.
He was idolised by River's supporters when he played for club.
River's decline on the pitch has been mirrored by financial problems.
The club is currently carrying an estimated $19m (?12m) of debts.
This could mean River is forced to sell off several players.
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