After a disappointing exit by former world champion Viswanathan Anand from the quarterfinal of the premier event, Gupta, too, could not make it to the podium as he lost his way against Hammer.
Hammer won the open section scoring 7.5 points and Abhijeet ended on 6.5.
Among other Indians in the fray in the last round, Tania Sachdev and Eesha Karavade also ended on the losing side against Peter Sowray of England and Viorel Iordachescu of Moldova, respectively.
Grandmasters D Harika and M Shyam Sundar finished on a positive note by winning the last round games with both scoring six points in all.
It was an anti-Grunfeld defense by Hammer that allowed Gupta to equalise early but the Norwegian kept pressing on the queen side. Gupta sacrificed two pawns to lure the white queen out but missed out on a forced draw vide a piece sacrifice in the middle game. Once on top Hammer gave no chances.