Medvedev lost 6-4, 3-6, 1-6 to Frenchman Gael Monfils in Monday’s top-seeded event in California.
The US Open champion should have made it to the quarterfinals in Indian Wells to remain at the top of the rankings, which he only took over on February 28. Djokovic will be number one again next week, although he is not at the start in Indian Wells.