If India uses the English model for the laws here --
Animals fall into three groups -- pets such as dogs, livestock such as horses and cattle, and wild animals. Roughly speaking, where the differences are between the animals is what level of care you need to use in restraining an animal. Absent a local ordinance, I can let my dog wander loose. My cow I have to use reasonable care to prevent it from wandering. And wild animals that escape will find the owner strictly liable for the animal, even if the owner uses reasonable care in restraining the animal.
If an animal escapes the control of its owner, and has never shown any dangerous propensities, liability is determined as above. If the animal has shown dangerous propensities, i.e., the one bite rule, the owner is going to have to show that with the knowledge of that dangerous propensity, the owner took reasonable care in restraining the animal.
Animals are property, the same as a car. No one can tell the owner what to do with an animal, even if the animal is dangerous, other than through a court hearing and/or local ordinances. A court in determining whether to put down a dangerous animal will look at what the owner is doing to avoid the animal injuring other humans and/or causing property damage. The more attacks an animal has made, the harder this becomes.
The only difference the size of the animal makes is how much protection is needed to restrain the animal. A pet cobra snake needs different restraints than an elephant, but legally, the principles involved are the same.
My guess is that India treats elephants that have been kept by humans for a while to be livestock rather than wild animals.
My further guess is that elephants are very valuable animals, worth a significant sum. It would be up to the owner. One approach here would be moving the elephant to a safer area.
My book has an entire chapter on dangerous propensities. Liability is the big legal issue and putting down an animal much less of an issue. Many dangerous animals are kept and describes every zoo. But it is not unusual for livestock to be dangerous.
Jim Clark-Dawe