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The 18-year-old Indian lost 0.5-1.5 in tie-breaks in rapid games to the World No. 1.
On Thursday, two tie-breakers will be played to decide the champion.
In the middle of a major time crunch, Praggnanandhaa was able to hold Carlsen for a draw in an objectively equal position with white pieces. The Indian played a solid game and agreed to a draw on move 35.
The Indian Grandmaster, hailing from Tamil Nadu, stunned World No. 2 Fabiano Caruana in the semifinals.
Kiran George won in straight games against Shi Yuqi to enter pre-quarterfinals.
Thirty-year-old Ding won the rapid chess playoff by 2.5 points to 1.5, capitalising on Nepomniachtchi's mistakes in time trouble in the last of the shorter-format games.
The 21-year-old from Madhya Pradesh saw off world No. 49 Johannesen 21-15, 19-21, 21-16 in a 68-minute summit clash to grab the biggest title of his career.
A tough contest awaits Srikanth as he is pitted against top seed Kenta Nishimoto of Japan in the quarterfinals.
The 3D movie is bankrolled by K G Abraham and was shot in several locations, including Wadi Rum, Jordan, Sahara, and Kerala.
Gujrathi won the match with black pieces as he exploited a tactical oversight from his famous opponent.