American Simone Biles won the gold with 15.966 points, Russia's Maria Paseka the silver with 15.253 points and Switzerland's Giulia Steingruber the bronze with 15.216 points.
India's medal hopeful Karmakar scored 15.066 points. She is one of the few vaulters in the world known to execute the famous and dangerous Produnova vault.
Karmakar made history when she became the first Indian to qualify for the apparatus finals, according to media reports.
Many people have congratulated Dipa for her efforts.
Five time Olympian Abhinav Bindra tweeted, "Dipa Karmakar you are my hero !"
Cricketer Yuvraj Singh said on Twitter, "Congratulations #DipaKarmakar you have made your country and your people proud Jai hind."
Actor Akshay Kumar tweeted, "You may have lost but you've won a million hearts and inspired a lot more to walk your path. Cheers to your spirit #Dipa Karmakar! #Proud."
Shikhar Dhawan, cricketer, tweeted, "Congratulations to you and your coaches @dipakarmakar for placing the tricolour at the forefront of world gymnastics. Proud #DipaKarmakar."
International Sand Artist Sudarsan Pattnaik even made a sand art in Dipa Karmakar's honour.
Image: Dipa Karmakar/AIR News and Sudarsan Pattnaik/Twitter
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