Ayushi and Aishwary shot 17 in the gold medal match as against the 31 shot by the German pair of Max Braun and Anna Janssen.
Instead of stepping up their performance in Tokyo, the 15-strong squad crumbled under the mighty Olympic pressure.
Aishwary Pratap Singh Tomar amassed 1167 (63x) points at an average of 9.725 after shooting 120 shots on the target in three positions while compatriot Sanjeev Rajput gathered 1157 (55x).
Tokyo Olympics: Onus on Sanjeev Rajput, Aishwary Pratap Singh Tomar to avoid another medal-less campaign in shooting
India, who were expected to do well in shooting, are staring at the prospect of two straight Olympics without medals with only the men's 50m event still to go.
Aishwary, who finished with a score of 628 in the qualification round, shot a total of 143.9 before being eliminated from the final of the men's 10m air rifle event.
Young Indian shooter Aishwary Pratap Singh Tomar claimed the gold medal in the men's 50m rifle 3 positions event.
The Indian trio shot a total of 14 in the gold medal round to finish behind the winning team of Lucas Kozeniesky, William Shaner and Timothy Sherry of the United States.