Police said that the deceased, Anuradha Patanwar, died on the spot due to severe head injury.
"Patanwar, who was studying Doctor of Medicine (MD) in a Hadapsar based medical college, was hit by the water tanker near Magarpatta and died on the spot," said a police sub-inspector from Hadapsar police station.
He said the driver of the tanker did not stop after hitting her two-wheeler from the rear side and fled away.
"We have registered a case against an unidentified driver and are tracing the number of the tanker to nab the suspect," he added.
Patanwar hailed from Nanded and used to stay here in Pune with her brother.