Venkatesh finished with an impressive tally of seven points out of a possible nine and finished joint second. However as the four-way tie was resolved the Indian ended on fifth spot.
Grandmaster Nils Grandelius of Sweden won the 40000 Euros prize money tournament defeating Indian GM S Arun Prasad in the final round.
The Swede ended on 7.5 points in all, a half point clear of Zybnyk Hracek of Czech Republic, Vladislav Nevednichy of Romania, Vladimir Georgiev of Macedonia and Venkatesh.
Also ending on 6.5 points was International Master Ashwin Jayaram who came very close to attaining the Grandmaster title following a draw with Viditt Gujrathi in the last round.
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Ashwin stands to gain around 26 points from the two tournaments here and in all likely hood the next Varna tournament should see him emerge as the next Grandmaster of the country.
For the records, Gujrathi finished eighth, Ashwin Jayaram ninth and Arun Prasad 10th on the merit list.
Another Indian GM, Deep Sengupta also scored 6.5 points and finished 17th.