The star wicketkeeper-batter has been advised to rest for six weeks, casting doubt over his availability for the remainder of the series.
Pant sustained the injury late on Day 1 after inside-edging a reverse sweep off Chris Woakes directly onto his boot.
He immediately removed his shoe, revealing a badly swollen and bruised foot. Despite receiving prolonged medical treatment, he had to leave the field in pain.
Before the injury, Pant had launched a trademark counterattack — lifting Jofra Archer for a boundary and smashing Brydon Carse for a straight six — after India had stumbled from 94/0 to 140/3.
He has been in scintillating form throughout the series, scoring 462 runs at an average of 77.
Although Pant remains hopeful of returning to bat later in the match, the severity of the swelling and his difficulty even putting on a shoe make his comeback highly uncertain.
The injury comes as a big blow to India, who must win the Test to have a shot at clinching the five-match series.