India were displaced from the top spot within 24 hours of gaining it after their morale-shattering 139-run defeat against the hosts Sri Lanka.
After India's defeat, Australia defeated England by seven wickets to take a 4-0 lead in the seven-match series, which pushed India to third.
Both India and Australia have 125 points each but the latter are ahead when points were calculated upto decimals, according to the ICC website.
South Africa occupy the top slot. India will take on Sri Lanka in the final of the tri-nation series on Monday in Colombo.
