Chikka was the best placed Indian and three shots adrift of the 14-year-old Chinese prodigy Guan Tianlang, who scored six-under.
Chikka had five birdies against two bogeys. He had birdies on fifth and seventh but gave away a bogey on eighth.
On the back nine, Chiika birdied 11th, 15th and 16th, but a bogey on 17th set him back to three-under 69.
Other Indians in the field were Khalin Joshi (74) in tied 27th, Udayan Mane (75) in tied 35th place. Honey Baisoya (76) was 44th, Angad Cheema (77) was 49th and Manav Das (79) was tied 70th in a field of 120 players.
Leader Tianlang had eight birdies in a sizzling six-under-par 66. Daniel Pearce of New Zealand is two behind after carding a 68 over the testing 7,231-yard layout at Amata Spring Country Club in Chonburi, outside Bangkok.
Natipong Srithong of Thailand, Chikka and Korean Lee Soo-min, last year's runner-up, each shot 69. Japanese star Hideki Matsuyama, Asia's No. 1 amateur, opened his bid to win a third straight title with a 71, leaving him in a share of the 10th position.
The slightly built Guan took centre stage with a stunning afternoon round. Opening with two birdies, he picked up further shots at holes four, six and seven, offset by a bogey at five, to make the turn in 32. He went as low as seven-under after birdies at 11, 13 and 15 before dropping a shot on the closing hole.