"We lost half the game at the toss itself as the Sydney wicket is known to become slower as the match progresses and that's exactly what happened. Also, chasing 329 in a World Cup semi-final was a formidable task," he told PTI.
Australian skipper Michael Clarke opted to bat first after winning the toss and the four-time champions rattled up 328 for 7 by riding on in-form batsman Steve Smith's classy century at the packed SCG.
Wadekar felt India were let down by their pace bowlers, who needlessly tried to outdo the Aussies in bowling short-pitched balls which were dispatched to boundaries.
"The bowlers started off well in the first five to six overs but thereafter their bowling went awry as they bowled too many short-pitched balls. They are not exactly (Mitchell) Johnson or (Mitchell) Starc, are they?" he remarked wryly.
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"Not many felt they would even reach the knock-out phase after their poor show in the triangular series."
Wadekar was also of the opinion that Team India peaked a bit early by winning all their league games followed by the quarter-final victory over Bangladesh and the law of averages caught up with Mahendra Singh Dhoni and company "at the wrong time".