The session which was topped by Sebastian Vettel had to be cut short by over ten minutes has marshals cleared the track and inspected the wall.
Magnussen was unhurt in the shunt but the Renault now won’t appear until the race itself tomorrow afternoon.
Magnussen was placed under investigation after he crossed the pit exit line despite the lights being on red at the moment he crossed the line following Max Verstappen’s crash in Q1.
Despite TV replays confirming the infringement, the stewards have decided to take no action against the Renault driver having determined that Magnussen’s dashboard warning system only went red half a second before he exited the pit lane.
The full decision by the FIA stewards is as follows:
Although the green light was extinguished and replaced by the red light two seconds before the driver crossed the pit exit line, the team presented evidence that the dashboard light only turned to red 0.55 seconds prior to the car crossing the line.
Further, the driver explained that he looked at the trackside light on approach, it was green, then he focussed on the track ahead because there is a turn from the the pit exit. By the time his dashboard light came on it was too late to avoid crossing the line. The team also radioed “red flag, red flag”, but the car had passed the line.
The incident took place when Magnussen, three-stopping and on relatively fresh softs, was hounding Palmer – two-stopping and on old hards – in a fight for 13th.
The pair made contact at Turn 13, an incident for which the stewards blamed Magnussen. As it occurred on the final lap, the Dane had 10 seconds added on to his race time, dropping him from 14th to 15th, behind Sauber’s Felipe Nasr.
A statement from the stewards read: “Car 20 [Magnussen] was on a new set of soft tyres, and Car 30 [Palmer] was on an older set of hard tyres leading the driver of Car 20 to have significantly better grip and speed.
“However, the Stewards determined that Car 20 could not have reasonably expected to make the corner of Turn 13 without colliding with Car 30, which was subsequently forced off the track. The Stewards imposed the penalty referred to, which was converted to a time penalty after the race as the cars were on the last lap.”
In addition Magnussen was given two penalty points on his licence – his first two of the maximum 12 permitted.
Max Verstappen went on to win the race, becoming the youngest ever Grand Prix victor.
The former Lotus team were bought out by the French manufacturer late last year.
Rookie Jolyon Palmer and former McLaren driver Kevin Magnussen will race for the team after Pastor Maldonado was dropped following two seasons at the Enstone outfit.
The lotus black and gold has disappeared and has been replaced with a Renault livery which consists mainly of black with yellow segments.
However the team did stress that it was just an early design.
The team admitted at the launch event that was streamed online that they will be on the back foot in 2016 and will be forced to play catch up following a difficult few months.
Lotus encountered major financial difficulties and the delay in confirming the Renault takeover put them behind on and already tough schedule.
Renault last officially raced as a constructor back in 2010 and only partially under a scaled back guise of Lotus Renault in 2011.
Now known as the Renault Sport Formula One Team, they have a rich history in the sport dating back to the 1970s.
They challenged for championships thanks to Alain Prost in the early 1980s before quitting the sport.
The returned in the early 2000s when they purchased the Benetton team and won two drivers and constructors championships with Fernando Alonso in 2005 and 2006.