The American stars appear together in Kambakkht Ishq (Unfortunate Love), alongside Superman Returns actor Brandon Routh and Bollywood regulars Akshay Kumar and Kareena Kapoor.
But their performances have failed to wow Hindu movie critics and the 2009 romantic comedy has landed them dishonours for the Bollywood equivalent of the Razzies.
Stallone and Richards will compete for the Baawra ho gaya hai ke (Have you gone crazy?) category, while the movie itself, directed by Sabir Khan, is up for a total of eight awards, including Worst Film.
Meanwhile, Aussie singer/actress Kylie Minogue has been mauled for her performance of Chiggy Wiggy, which she sang in the movie Blue. The track, written by Abbas Tyrewala, has been named in the Most Atrocious Lyrics category.
The stars' nominations have prompted religious scholar Rajan Zed to call for movie executives to concentrate on producing "quality" films, instead of just attaching big names to the projects to pull in big bucks at the box office.
Zed, who is the president of Universal Society of Hinduism, says, "Both Hollywood and Bollywood should focus on quality rather than quantity. Quantity, mixed with mercantile greed, resulted in them ending up in Razzies and Golden Kelas."
The Golden Kelas (bananas) will be handed out in Delhi on 12 March (10).