The correct answer is option 3: Three. Indian citizenship can be lost in three ways:

1. Renunciation: An individual can voluntarily renounce their Indian citizenship by submitting a Renunciation Certificate application to the Indian embassy or consulate. Once the renunciation is approved, the person ceases to be an Indian citizen.

2. Deprivation: The government has the authority to deprive a person of their Indian citizenship if they obtain it by fraud or false representation, engage in activities that are against the national interest, or if they have been living abroad for a certain period without registering their presence with the Indian embassy.

3. Termination: Indian citizenship can also be terminated if a person voluntarily acquires the citizenship of another country. Upon acquiring a foreign citizenship, the individual automatically loses their Indian citizenship.

It is important to note that losing Indian citizenship does not necessarily make a person stateless as they may still hold citizenship of another country.