Police said that the deceased, Anuradha Patanwar, died on the spot due to severe head injury.
"Patanwar, who was studying Doctor of Medicine (MD) in a Hadapsar based medical college, was hit by the water tanker near Magarpatta and died on the spot," said a police sub-inspector from Hadapsar police station.
He said the driver of the tanker did not stop after hitting her two-wheeler from the rear side and fled away.
"We have registered a case against an unidentified driver and are tracing the number of the tanker to nab the suspect," he added.
After the post-mortem, Anuradha Patanwar's body was handed over to her family, police said.
Ms Patanwar hailed from Nanded and was living in Pune with her brother.