The McLaren slid into a gravel trap near the pitlane entrance. He remained in his car trying to get some bite from his tires or a push from the Chinese race attendants but eventually accepted his fate and calmly made his way back to the garage.
Hamilton stood by the decision to hold off on a tire change.
"Although my tires were in poor condition, we took a joint decision to get through the last rain shower before changing to dry tires," Hamilton said.
"I was trying to be careful and as a result was not really fighting aggressively with Kimi. I would have worked out perfectly but I then made a mistake coming into the pit lane and that was it," he said.
With Hamilton out of the race, Raikkonen continued in the lead, followed by Alonso.
Raikkonen was eight seconds ahead at the start of the 35th lap, and he maintained that buffer the rest of the way as the rain held off.
Behind the place-getters, 20-year-old Sebastian Vettel of Toro Rosso finished fourth, Jenson Button of Honda was fifth, followed by Vitantoni Liuzzi of Toro Rosso in sixth.
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