Once down on foot on the mountain, the rescue team located spots of blood and some of the man's items.
Yesterday eventing, the tramper was found. He was described by rescue staff as very sunburnt and dehydrated.
The Nelson Marlborough rescue helicopter was dispatched with a paramedic to pick up the tramper. He was taken to Nelson Hospital in a serious condition.
The tramper was experienced and well equipped with an EPIRB, but lost some of his equipment when he fell, police said.
Search co-ordinator Senior Constable Reuben McCormack said another night in the bush would have been fatal. He praised the man for his actions.
"While the man went through a difficult ordeal, we're pleased we found him when we did," McCormack said.
"Thankfully, this tramper has done exactly what you should do."
The tramper remains in Nelson Hospital.