The Indian men's side crashed out of the Olympics in the quarterfinals by losing to eventual runners-up team Belgium 1-3 while the women's team failed to get past the group stage.
Roelant Oltman-coached side went into the Olympics as fifth in the rankings but two wins, two losses and a draw in the group stage and a defeat to Belgium in the last-eight stage saw them pushed down to sixth in the latest rankings.
Argentina's Los Leones sit just ahead of fourth place finishers and now third ranked Netherlands, with Rio 2016 Olympic bronze medallists Germany moving down one place to fourth in the rankings.
Olympic silver medallists Belgium move up one place to fifth, with India being pushed down into sixth and England (Great Britain) down from fourth to seventh.
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On the women's side of things, Great Britain's shoot-out victory over the Netherlands saw them claim gold and move up to third in the FIH Hero World Rankings (as England), just behind top ranked Netherlands and Argentina, who remain in second place despite a seventh place finish in Rio.
Australia, New Zealand and USA all move down one place to fourth, fifth and sixth respectively, with Olympic bronze medallists Germany climbing two places from ninth to seventh.
The next update to the FIH Hero World Rankings will be published following the completion of the Hockey World League Round 1 events later this year.
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