Wade sprained his right ankle while playing basketball and now will undergo scans to determine the extent of the damage.
He will now not be training with the team on Sunday and remains in serious doubt to play the Third Test as confirmed by team physio Alex Kountouris.
"Matt Wade sprained his right ankle playing basketball yesterday afternoon," Kountouris said.
"His ankle is subsequently swollen and painful so will have a scan this morning to help determine the extent of the injury and how we manage it. He will not take part in today's training session."
Australia does not have another wicket-keeper in its squad in India with veteran Brad Haddin on standby to make the quick dash over to replace Wade in Mohali if required.
Wade also had a nasty incident before the Second Test in Hyderabad, but he managed to still play despite a fractured cheekbone, but now this ankle injury could be his undoing.
The 25-year-old has had innings' of 12, eight, 62 and 10 so far in the two Test matches in India for a total of 92 runs at an average of 23.
His bad luck could well be good fortune for the man he replaced Haddin though.
The 35-year-old last played a Test match over 12 months ago against India in Adelaide, but has a solid record for his country averaging just under 36 in 43 matches with three centuries.
Haddin is also in the midst of an outstanding Sheffield Shield season for New South Wales having scored 468 runs at an average of 52 with two centuries.