Hill was sacked by general manager Don Rowing straight after the game.
Rowing said: "Keith and his assistant Dave Flitcroft have given their all to the club and played some attractive football.
"Keith was very disappointed but this was a decision made by the board and not by one man. It is a very sad day.
"We thank Keith for the hard work he has put in, but we have not won at home since we beat Bristol City in September and the fans have become restless and they look to us to make the decisions.
"The results haven't gone our way and he has paid for it."