The 19-year-old Indian came up with a splendid display but it was not enough to prevent him doing down 17-21, 21-16, 17-21 after 55 minutes.
Srikanth lost to Ireland's unseeded player Nguyen Nhat 11-21, 21-15, 12-21
India's shuttlers, including London Olympics bronze medallist Saina Nehwal, expressed shock after reports emerged that a sparring partner of the Taiwanese national team, who was in Birmingham during the All England Championship, tested positive for the coronavirus.
The top Indian players, including Sindhu, Saina Nehwal and Srikanth have failed to lift the prestigious trophy
India's H S Prannoy faced stiff resistance before prevailing against local hero Daren Liew to advance to the second round of the Malaysia Open, in Kuala Lumpur, on Tuesday.
Rankireddy and Shetty, who created history on Sunday by becoming the first Indian men's doubles pair to win a BWF Super 500 tournament, are placed ninth in the men's doubles rankings issued on Tuesday.
Indian badminton stalwarts P V Sindhu and Saina Nehwal suffered contrasting fortunes at the Malaysia Open Super 750 tournament, the former progressing to the second round and the latter bowing out after losing her opener in Kuala Lumpur, Malaysia, on Wednesday.
Srikanth, now ranked five, was placed seventh before the Malaysia Open, where he lost his last-four clash to the reigning Asian champion Kento Momota.
Former world No. 1 Saina, who missed a lot of tournaments last year due to multiple injuries, moved to the second round after her opponent, Czech Republic's Tereza Svabikova, suffered a back injury and retired mid-way while trailing 20-22, 0-1 in an opening round match.
P V Sindhu and Lakshya Sen sailed into the second round but it was curtains for Saina Nehwal and Kidambi Srikanth on a mixed day for India at the French Open Super 750 badminton tournament in Paris on Wednesday.
Against the unseeded Tunjung, Sindhu started on a bright note and played aggressively to surge to a 10-5 lead. She used her experience and reach to engage her opponents in long rallies initially.
India have been drawn with top seeds and defending champions China, Thailand and hosts Finland for the upcoming Sudirman Cup badminton tournament, making it a tough Group A for the side to negotiate.
Double Olympic medallist, Sindhu faces top seed and World No 1 Tai Tzu Ying of Chinese Taipei in the quarter-finals. Ying beat Scotland's Kirsty Gilmour 21-10, 19-21, 21-11 to advance.
India's decision to field World No 13 Sameer instead of Kidambi Srikanth in men's singles backfired as the former couldn't get going against Lee Zii Jia, losing 13-21, 15-21 in 48 minutes to allow Malaysia level the scores 1-1 after getting the lead with a win the mixed doubles.
'Need a couple of upsets to win medal at Asian Games'
PV Sindhu turned 25 on Sunday as wishes poured in for her across the globe.
Star shuttlers, including P V Sindhu, will chase individual gold medals but doubles would also under the spotlight as India would aim to retain the mixed team title and continue their consistent run at the Commonwealth Games.
Sindhu progressed to the quarterfinals with an easy straight-game win over Japan's Aya Ohori
Even as Krishan Kumar threw a Diwali party for his friends, Ekta Kapoor threw another bash for her at her home.
Following is the schedule of Indian contingent on the fifth day of the Asian Games.
The star Indian pair of Chirag Shetty and Satwiksairaj Rankireddy will be the key attraction in the men's doubles category. However, they are set to face a stiff competition as the line-up includes the three-time world champion and world No. 2 Indonesian duo of Mohammad Ahsan and Hendra Setiawan alongside another Indonesian pair of Fajar Alfian and Muhammad Rian Ardianto, who are currently ranked eighth in the world.
On March 11, the government issued a revised travel advisory, cancelling all visas till April 15 and making it clear that Indian nationals returning to the country from affected countries would be quarantined for 14 days. England is among the most-affected by coronavirus outbreak. P V Sindhu was given the choice of pulling out of All England Championships after the Indian government's travel restrictions came into force but the Olympic silver-medallist decided to play on
Young shuttlers PV Sindhu and Kidambi Srikanth scored contrasting victories to win the women's and men's singles titles respectively at the 78th Senior National Badminton Championships in Delhi on Monday.
The top law officer was of the view that the "prima facie" conduct of the chief minister and his principal advisor was 'contumacious', but declined consent saying Reddy had sent the letter to Chief Justice of India S A Bobde who was seized of the matter.
Commonwealth Games champion Parupalli Kashyap, Sameer Verma and the mixed doubles pair of Satwiksairaj Rankireddy and Ashwini Ponnappa notched thrilling victories to enter the quarter-finals of the India Open Super 500 World Tour badminton tournament in Delhi on Thursday.
Sindhu and Saina will once again be India's best bet as they look to put up a good show this week.
Sindhu had resumed training last month under the supervision of Korean coach Park Tae-Sang after the Sports Authority of India
The 29-year-old Olympic bronze medallist and World No 9 went down 16-21, 23-21, 4-21 to her 19-year-old opponent in the women's singles match.
The Badminton World Federation (BWF) shut down the world tour and other sanctioned tournaments following the completion of the All-England in March due to the global health crisis.
Two-time Olympics medallist P V Sindhu opted out citing post-Olympics recovery.
India's top shuttlers P V Sindhu and Kidambi Srikanth registered straight-game victories to make impressive starts to their singles campaigns at the season-ending BWF World Tour Finals in Bali on Wednesday.
Ekta Kapoor's little son Ravie turned one on January 26, and she threw a party to celebrate the big day.
Olympic silver medallist P V Sindhu and National champion Sameer Verma began the new season on a resounding note by winning the women's and men's singles crowns respectively at the USD 120,000 Syed Modi Grand Prix Gold badminton tournament in Lucknow on Sunday.
In the mixed doubles event, Satwiksairak Rankreddy and Ashwini Ponnappa started their campaign on a winning note. The duo beat the German combine of Marvin Seidel and Linda Efler in straight games 21-14, 31-19.
India's Saina Nehwal on Saturday crashed out of the Orleans Masters after losing in the semi-final against Denmark's Line Christophersen, in Paris on Saturday.
P V Sindhu eased into the second round with a straight-game win after fellow Indian Lakshya Sen showed his mettle with a stunning victory over world No. 10 Japanese Kanta Tsuneyama on the opening day of Indonesia Masters Super 750 in Bali on Tuesday.
Satwik-Chirag dished out a gritty performance to outwit the local favourites a
Sen won his second round contest 21-17, 21-10, taking 72 minutes to complete the formality.
Defending men's champion Kidambi Srikanth suffered a shock defeat but Olympic silver medallist P V Sindhu did not face any trouble as she sailed into the women's singles final with a straight-game victory on an exciting day in Syed Modi Grand Prix Gold badminton tournament in Lucknow on Saturday.
Expectations from the Indian male shuttlers will also be high, given their exploits in recent months.