Bowatte Indaratna, 30, succumbed to his injuries at the National Hospital in Colombo where he was rushed yesterday after his self-immolation bid in front of the highly venerated Temple of the Tooth in the central town of Kandy.
"He died of severe burns. He had 95 per cent burns and was fighting for his life," hospital spokeswoman Pushpa Soysa told AFP.
He becomes the first Sri Lankan Buddhist monk to self-immolate.
A local television channel showed dramatic images of the monk using a cigarette lighter to set himself ablaze and bystanders, including police, throwing buckets of water to put out the flames.
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In a leaflet distributed to devotees outside the Temple of the Tooth in Kandy, 115-km east of the capital Colombo, the monk said he was also against proselytising by Christian groups.
His unannounced protest came as the country celebrated Wesak, the commemoration of the birth, enlightenment and the death of the Buddha, in the Buddhist-majority country which marks the occasion with two days of holidays.
Animal rights groups have tried unsuccessfully to secure a ban on meat eating in Sri Lanka.
The monk's action came amid rising religious tensions after Buddhist extremists campaigned to boycott halal-slaughtered meat as well as other products that carry a halal certificate.