The 22-year-old from Almora, a world championships bronze medallist, squandered a three-point advantage in the first game and a 7-0 lead in the second to surrender 20-22 14-21 to the two-time world champion Axelsen in a 54-minute semifinal clash.
Sen will get another chance to become the first Indian male shuttler to win an Olympic medal when he meets Lee Zii Jia of Malaysia in the bronze medal playoff.
India have never won an Olympic gold medal in badminton with PV Sindhu claiming a silver and bronze at the Rio and Tokyo editions and Saina Nehwal securing a bronze in the London Games.
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