Hastings played two matches for his IPL side Kolkata Knight Riders before flying back home after picking up the injury during a practice session.
"He bowled through a fair bit of pain during the game (last week against the Mumbai Indians)," Simon Katich, Kolkata Knight Riders assistant coach, told reporters late Monday.
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Fellow Australian Katich said Hastings flew back to Australia after undergoing scans on his ankle.
"It's a shame to see his campaign end prematurely. He had fitted in really well into the group and had performed well in a couple of games.
"Unfortunately he'll be doing a lot of rehab instead and working towards getting fit for the West Indies tour," Katich said.
Hastings has been named in the Australian one-day squad for the tri-series in West Indies in June.
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The 30-year-old fast bowler and strong lower-order batsman has played just one Test for Australia, but he has slowly gained a footing in the limited-overs team since making his ODI debut in 2010.
He has played 20 ODIs and was also part of the Australian side in the recent World T20 in India.
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