Riding on Kumar Sangakkara's unbeaten 52, Sri Lanka thrashed India by six wickets to lift their first World T20 title here on Sunday.
Chasing India's modest 130 for four, Sri Lanka reached 134 runs by losing four wickets with balls to spare.
World Cup hero, Yuvraj Singh, was at the receiving end of the brickbats for a below par performance being unable to push the scoring up in the crucial overs.
A defensive approach and a modest target was nothing close to the promise Team India had shown all through the tournament.
Kumar Sangakkara, who played his last International T20 match, played a memorable knock of unbeaten 52 runs and joined a 54-run stand with Thisara Perera (23*) to clinch the trophy.
Sangakkara, who was adjudged the 'Man of the Match' hit six boundaries and a six in his 35-ball knock while Perera smashed a boundary and two huge sixes in his innings that helped his side win the World Cup after a gap of 18 years when they won the 50-over World Cup in 1996.
Jayawardene also played his last T20 International on Sunday.
Both Sangakkara and Jayawardene made a successful end to their T20 International careers on a shining note by helping their country lift the World Cup (including the 50-over format) for the second time.
Sangakkara said: "I am happy to be a part of such a great side and win the World Cup."
Earlier, India posted 130 for four in their 20 overs.
Maintaining his good form from semi-finals of the tournament, Virat Kohli shined again with his willow and smashed 58-ball 77. His knock included five boundaries and four sixes.
India made a poor start by losing the wicket of Ajinkya Rahane (3) and the second over the innings. Kohli and Rohit Sharma (29) added 60 runs in the second wicket partnership.
Kohli again joined Yuvraj Singh (11) for a 55-run stand in the third wicket partnership to develop the innings further.
Nuwan Kulasekara, Angelo Mathews and Rangana Herath picked up a wicket each for Sri Lanka. Sri Lankan bowlers, including skipper Lasith Malinga bowled brilliantly in the last few overs, to keep Indian scorecard at 130
However, Dhoni's aim of winning the World Cup for the third time remained unfulfilled this time while Sri Lanka finally won a ICC final after losing in the last four occasion including the World T20 final in Sri Lanka in 2012.
India had performed brilliantly in the tournament and won all the matches before being defeated in the final by the neighbours.
Kohli, who scored 319 runs in the series, was adjudged the 'Player of the Tournament'.
He said: "I am pleased that the team reached the final and happy to contribute in all of the matches."
"We will learn a lot from the tournament and come back stronger in the next season," he said.
Indian captain MS Dhoni, under whose leadership the country had lifted the inaugural World T20 in 2007, said: "It was a perfect game for the Sri Lankan team. We were 10 to 15 runs short."
Team India has left their fans disappointed and India's search for that steady No.4 continues after failed experiments with Yuvraj, Raina and the others. Will Sehwag's gaining form be the answer to the woes? Will have to wait and see.
However, the show must go on and the cricketing world will now shift its attention to the Indian Premier League which begins on April 17th.
Brief scorecard:
India: 130 for four in 20 overs (V Kohli 77; R herath 23-1)
Sri Lanka: 134 for four in 20 overs (K Sangakkara no; R Ashwin 29-1, S Raina 24-1)