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The HC reportedly rejected Swaraj's plea citing lack of evidence to prove the charges.
It is alleged that Babu distributed slips to Hindu voters with the picture of Lord Ayyappa with an inscription that said "Your vote is for Ayyappa”.
Babu, who was the minister for excise, fisheries and ports in the Oommen Chandy government, is accused of amassing disproportionate assets between July 2007 to May 2016.
The CPM leader alleged that Babu had referred to the Sabarimala Temple and the deity there, Lord Ayyappa, during his campaign.
Tripunithura had witnessed a photo finish in which former minister K Babu of the Congress pipped sitting MLA M Swaraj by a margin of 1,030 votes.
Swaraj lost his sitting seat Thripunithura to Congress's former minister K Babu by a narrow margin of 1,009 votes.
The Congress veteran won by 992 votes.
For K Babu, whose image got tainted following the bribery charges, this is a prestige battle to wrest the Tripunithura seat from M Swaraj.
The allegation was that corruption worth Rs 100 crore had taken place in connection with sanctioning of new bar licence and closure of bars during Babu's tenure as excise minister in the UDF regime.