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Each option mentions a different Indian historical site and associates it with a river.
Option 1: Ajanta Caves indeed lie in the gorge of the Waghora River in Maharashtra. It is a correct statement.
Option 2: Sanchi Stupa is located in Madhya Pradesh, however, it is not located in the gorge of the Chambal River. It is far from any river gorge. Therefore, this statement is incorrect.
Option 3: Pandu-lena Cave Shrines are located near Nashik, Maharashtra, and not in the gorge of Narmada River. So, this statement is also false.
Option 4: Amaravati Stupa is located in Andhra Pradesh, but it`s not located in the gorge of the Godavari River. Hence, this statement is not correct.
Hence, the correct answer is option 1, "Ajanta Caves lie in the gorge of Waghora river.".