The bullet was found in a bag belonging to Pandia Raj, who was proceeding to Delhi on leave, a security official said.
He was handed over to the army for further investigation, the official said.
Prima facie, it seemed that the bullet was left behind in the bag "by mistake", the official added.
This was the second incident of an army soldier being caught at the airport with live ammunition.
He was today granted interim bail by a local court which handed him over to the army for questioning and investigation. The court fixed Arpil 6 as the next date of hearing.
The army authorities told the court that Mukhiya's custody was required by them for investigating the case.
The army will expand the investigation, if needed, after Mukhiya records his statement before the inquiry officer of the army in the next couple of days, defence sources said here.
Mukhiya reportedly had told the security officials that a "superior officer" had handed over the explosives to him with the instructions that these should be handed over to a particular person at Delhi airport.
According to the FIR lodged against the soldier, a cache of ammunition was recovered from his possession during the screening besides the two hand grenades.
The recoveries included four live bullets -- two each of nine mm and MMG, a police official said.
A case under sections 3/4 Explosive Substances Act has been registered against Mukhiya.
Yesterday, a defence spokesman had said that action will be taken against the soldier as per the law.
"A soldier has been caught carrying grenade in a packet as report by the Airport authorities. The matter is under investigation. As per due process of law, the army will take action against the individual," the spokesman said.
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