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Asian Games and Commonwealth Games silver medallist was injured during training.
The 24-year-old pipped fellow finalists Sachin Baby and Sidhartha Babu for the honour.
Those who missed out on the final three spots are cricketer Minnu Mani, athlete Muhammad Ajmal, and footballer K P Rahul.
The 24-year-old Palakkad native became the first Indian track and field athlete to qualify for the 2024 Paris Olympics.
The sportsperson with maximum number of votes will receive the Manorama Sports Star 2023 award and a cash prize of Rs 5 lakh.
The awards will be conferred on the athletes by President Droupadi Murmu at the Rashtrapati Bhavan on January 9.
Cricketer Mohammed Shami has also been nominated for the Arjuna.
India picked up two gold, four silver and three bronze on the day which was marred by controversy in the women's 100m hurdles final.
Keralite Sreeshankar produced a jump of 7.97m in his opening jump to book his spot in the final.
The Indian mixed 4x400m relay quartet clinched the gold with a time of 3 minute and 14.70 seconds while Sarvesh Anil Kushare and Swapna Barman added a silver each in men's high jump and heptathlon respectively.
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