Rohina was part of an 18-member group, which were diving off Cocos Island National Park, named as, a UNESCO World Heritage Site which is also known for its abundant species of sharks.
They can reach around 15ft in length and weigh up to 862kg and are one of the most unsafe shark species - second only to great white in recorded attacks on people.
The guide, identified by Costa Rica's government only by his last name Jiminez, tried to scare the shark off, but it was too late. National Park officers were able to respond to the situation, but the woman passed shortly after.
Bhandari suffered "strong lacerations in both extremities", officials noted in a statement.
A high-level Wall Street executive was killed by a shark while she was diving in Costa Rica, officials said.
He told La Nacion he believed the shark was a female. In a statement, the ministry added that the scientists have found a number of tiger sharks at the park.
He said that the shark launched itself at Bhandari and started tearing at her legs when she surfaced. He said his company was focusing on offering support to Bhandari's family and the local authorities. "I feel her loss intensely".
Bhandari's friend Jon Benjamin took to Facebook on Saturday to pay tribute after her "untimely" death. "Always generous & gregarious, she was a mainstay of my social life in NYC a decade ago, visited us in Chile and so kindly lent us her apartment in NYC in July this year". I will miss her courage ...
"Unbelievably sad and heartbreaking news that Rohina has died", wrote a friend of her's. She deserves to be remembered for her grace and kindness. Bhandari's friends in Bangalore told the newspaper she had been planning on visiting the city to celebrate her 50th birthday with friends later this month. Thinking of the good times.