GM Gujrathi, with an ELO rating of 2687, drew with Yangi Yu of China in his final game to finish with 6.5 points.
China's GM Wang Hao took the top spot with seven points and was followed by Bu Xiangzhi.
Gujrathi had moved to the spot after the eighth round yesterday, but a draw in the final round put paid to his title aspirations and he had to settle for the bronze medal.
They were followed by Aravind Chithamabram (17th), Karthikeyan Murali (21st) and Sandipan Chanda (28th). They all got five points each.
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In the women's event, Vaishali, with a tally of 6.5 points, secured the third spot behind Vietnam's Vo Thi Kim Phung (7.5 points) and Uzbekistan's Nakhbayeva Guliskhan (7 points).
The Chennai player (ELO rating 2272) posted an impressive win with black pieces over Ngueyen Thi Thanh An of Vietnam in the ninth round to take her tally to 6.5 points and earned the third place.
Among the other Indians, Padmini Rout and WGM Swati Ghate finished seventh and eighth respectively.
On 5.5 were four more Indians - Nisha Mohota, Soumya Swaminathan, Kiran Monisha Mohanty and P V Nandhidhaa - who took 11th to 14th places.
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