The event, held on Sunday at Marina Beach, celebrated the 92nd anniversary of the Indian Air Force.
The primary cause of death is presumed to be heatstroke.
About 1.5 million people attended the show, where temperatures reached nearly 36 degrees Celsius. Many fainted from heat and dehydration.
Casualties occurred as attendees rushed to leave the venue after the air show ended at 1 p.m.
Marina Beach, stretching for about 13 kilometers, is the world's second-longest urban beach.
Opposition parties accused the government of failing to properly manage the large crowd gathered at the event.
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