The BSE Sensex falls 0.8 percent, while the broader Nifty is down 0.9 percent.
Shares of Cipla (CIPL.NS) fall 6.4 percent after the company's December-quarter profit dropped by 16.5 percent to 2.84 billion rupees, lagging some analysts' estimates.
Coal India Ltd (COAL.NS), the world's largest coal miner by output, is trading 3.6 percent lower after its December quarter earnings fell short of expectations.
Overseas investors bought Indian shares worth 2.12 billion rupees on Wednesday, snapping their nine-day selling streak in the secondary share market, exchange data showed.
Cipla shares were trading down nearly 6 percent at 12.05 p.m.
Company's operational margins for December-quarter at 18.1 percent were lowest in nearly 11 quarters, weighed down by higher research and development expenditure and staff costs, analysts say.