And it can get even worse for Rahul Dravid's team if the West Indies, who are tied with India on points, put in a good performance in the five-match ODI series against Pakistan, which is due to get underway in Rawalpindi today.
The last time India was lower in the Championship table was in October last year when they languished at the seventh position and if the West Indies wins the series against Pakistan, even by one match, India will be back down to that lowly position.
It has been a sharp fall for the team, which was one of the in-form sides in ODIs in the first half of the year. At the end of April, India lay third in the table, just three rating points behind the Proteas.
The only piece of good news for India is wicketkeeper-batsman Mahendra Singh Dhoni has moved up one place to fifth, at the expense of Australia's Andrew Symonds.
But since then it has won just three of its last 17 outings to slip to the sixth spot, 25 rating points adrift of leaders Australia and 20 points behind South Africa.
Conversely, South Africa's position has not been this healthy since way back in January 2003 when it stood, as it does today, on 126 rating points in second position overall.
The Proteas have never enjoyed a higher rating since the rankings were launched in October 2002.
Graeme Smith's team is now hot on the trail of Australia and if Ricky Ponting's side stutter in their tri-series with England and New Zealand in the New Year and South Africa do well in their five-match series with Pakistan in February, they can go into next year's ICC Cricket World Cup as the top ranked ODI team.
That said, Pakistan will be anxious to make their own way up the ladder. If they can beat the West Indies by three clear matches over the next couple of weeks, they will move ahead of New Zealand and into third place in the table.
South Africa's bowlers enjoyed the series against India with Shaun Pollock strengthening his position at the top of the Rankings. Makhaya Ntini, meanwhile, moved up four places to fifth.
Andre Nel gained five places to 14th spot and Jacques Kallis went up 17 places to the 45th position. The 33-year-old Pollock is now a remarkable 111 ratings points ahead of his nearest competitor, Glenn McGrath, having moved up to 910.
Not only is that rating a personal best for Pollock but it is also the fourth highest of any one-day bowler in history, behind Joel Garner, Richard Hadlee and Muttiah Muralitharan.
Also, Pollock is now just one point behind top-placed Chris Gayle in the all-rounder rankings, while Kallis has moved up six places in this category to sixth.
The batting category of the Rankings has seen less movement with Mike Hussey retaining his place at the top. Graeme Smith has dropped out of the top-10 after a disappointing series against India, in which he managed to get back to form in the last match.
ICC ODI Rankings:
Teams: 1) Australia (131 pts), 2) South Africa (126), 3) New Zealand (113), 4) Pakistan (110), 5) Sri Lanka (108), 6) India (106), 7) West Indies (106), 8) England (99), 9) Bangladesh (37) and 10. Zimbabwe (27),
Batsmen: 1) Mike Hussey (Aus), 2) Chris Gayle (WI), 3) Kevin Pietersen (Eng), 4) Adam Gilchrist (Aus), 5) Mahendra Singh Dhoni (Ind), 6) Andrew Symonds (Aus), 7) Ricky Ponting (Aus), 8) Ramnaresh Sarwan (WI), 9) Kumar Sangakkara (SL) and 10) Michael Clarke (AUS)
Bolwers: 1) Shaun Pollock (RSA), 2) Glenn McGrath (Aus), 3) Ian Bradshaw (WI), 4) Nathan Bracken (Aus), 5) Makhaya Ntini (RSA), 6) Brett Lee (Aus), 7) Shane Bond (NZ), 8) Daniel Vettori (NZ), 9) Muttiah Muralitharan (SL) and 10) Chaminda Vaas (SL)
All-rounders: 1) Chris Gayle (WI), 2) Shaun Pollock (RSA), 3) Sanath Jayasuriya (SL), 4) Andrew Flintoff (Eng), 5) Andrew Symonds (Aus), 6) Jacques Kallis (RSA), 7) Shoaib Malik (Pak), 8) Abdul Razzaq (Pak), 9) Irfan Pathan (Ind) and 10) Scott Styris (NZ)