This paper discusses the main findings of a study on the impact of the first COVID-19 induced nationwide lockdown and university closure in India on the research scholars (PhD and MPhil) of the Jawaharlal Nehru University (JNU). An online survey was employed using the quantitative descriptive methodology. With responses from 530 research scholars, this is one of the first quantitative studies to assess the pandemic's effect on the research work, finances, and mental health of researchers in India from March to June 2020. Given the existing social inequality in higher education, the survey reflects the researchers' dismal state of reality as reported during the first 4 months of the pandemic. Research work witnessed a standstill with large-scale disruption in travel and every other scholar encountering unreliable electricity or internet connectivity. Untimely disbursal of fellowships intensified their already existing financial hardship. Nearly 90% of scholars reported stalled fieldwork, a lack of clarity regarding extension of their research programme, and financial woes as some of the top reasons for their anxiety. Using the chi-square method, the study predicts that dropouts from research programmes are likely in the context of the pandemic, which correlates significantly with socio-economic backgrounds (caste, class and gender) of research scholars. Further, the results show that the challenges faced by terminal, mid-stage, and course-work scholars are unique, emphasizing on the need for targeted interventions beyond extended research deadlines. Non-addressal of these immediate effects of the COVID-19 pandemic will have long-term repercussions on the lives of India's researchers and academic workers. It will only deepen existing inequalities in higher education, leading to gentrification of research degrees in India.