India's 68-run defeat to Sri Lanka [Images] on Sunday cost them their second place in the latest ICC [Images] ODI rankings as they were overtaken by Australia [Images] after the World champions pulled off a thrilling win over New Zealand [Images].

India lost two rating points to reduce to 120 while Australia (122) gained one point to their tally to overtake India, who are now back to third place after their brief stay at second spot behind top-ranker South Africa [Images].

If Australia, who are on decline in the last few months, win their next two matches they will be tied at top spot with South Africa, although they will be still second if the rankings are calculated beyond decimal points.

India, who won the series 4-1 against Sri Lanka, will have the chance to regain their best-ever rankings of second spot during their tour of New Zealand, beginning later this month.