The periphery of the lake -- which is a notified National Geo-heritage Monument -- has moved 100 meter inward in the last three years, said a recent report by researchers of Pune-based Centre for Citizen Science (CCS).
The 'mean diameter' of the lake is around 1.2 km.
Expressing concern over the development, the report said that depletion of water level was because of diversion of water for agricultural and non-agricultural activities in the surrounding area.
Located around 500 km from Mumbai, Lonar is a popular tourist hub, besides attracting scientists from all over the world.
Mayuresh Prabhune, who led the team of CCS researchers, said the outer line of lake has shrunk by 100 metres since 2014.
"There are several bore wells less than 100 metres from the crater's rim. Lonar crater is an eco-sensitive zone, but there are food joints and bore wells nearby," he said.
"The CCS also studied rainfall pattern in the area since 2003 and noticed that there has been no significant change in the precipitation levels," Prabhune said.
"The study found out that reduction in water level is a combined result of drying up of (nearby) percolation dam and the closure of streams (which flow) into the lake," the report said.
Warning that "fluctuations and rapid changes" in Lonar Lake are harmful for biodiversity, Yogesh Shouche, microbiologist and CCS president, said the government should frame a special policy for its conservation.
Lonar crater lake was identified as a unique geographical site by a British officer named C J E Alexander in 1823. Geologists believe that it was formed due to a meteorite impact that occurred between 35,000 and 50,000 years ago.
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