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Bolelli and Vavassori, the fourth seeds, dominated from the outset.
The season-ending tournament will be held at Turin from November 10-17.
The Indo-Romanian combo went down 3-6, 3-6 to their 10th-seeded opponents at the Rod Laver Arena.
It is Ramkumar's first Asian Games medal and third for Myneni.
Bopanna beat the record of Daniel Nestor of Canada, who was 43 years and four months when he played in a Major final, by two months.
The sixth-seeded Indo-Australian pair defeated the American duo of Nathaniel Lammons and Jackson Withrow in the quarterfinals.
The Indo-Australian duo defeated Stalder and Pel in a pre-quarterfinal that lasted two hours and 19 minutes.
Bhambri and South African partner Lloyd Harris won the Mallorca Open.
Thrissur: A state-level ranking tournament, organised by the Kerala Tennis Association, will be held at the Kinattingal Tennis Club at Puzhakkal, near here, from December 1 to 7. The competition will be held in eight categories, including men's singles and doubles, women's singles and doubles, and
The French pair recovered from a set down to beat Americans Coco Gauff and Jessica Pegula 2-6, 6-3, 6-2.
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