The deceased has been identified as Malleswara Rao, police said.
When he was at a height of 50 metres, the buckles of the parachute reportedly opened and Rao, a resident here, fell to the ground, police said.
Rao, who was seriously injured, was rushed to a nearby private hospital, but died on the way, police added.
The parasailing was organised as part of the Centenary celebrations of Coimbatore Medical College Hospital at Codissia Grounds, near the city airport.
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