Indian shares extended losses in the afternoon session on Wednesday, dragged lower by heavyweights such as SBI, M&M and Tata Motors. Nifty PSU Bank remained the worst-performing sector, plunging 3.95 percent followed by Nifty Auto, which fell 3.39 percent.

Share Market Live

NSE

At 12:18 pm, the BSE Sensex was trading at 38,713.97, down 377.78 points, or 0.97 percent, and the Nifty was trading at 11,481.60, down 106.60 points, or 0.93 percent.

Power Grid, NTPC, TCS, Indian Oil Corporation and Tech Mahindra were the top gainers while SBI, M&M, Tata Motors, Hero MotoCorp and Eicher Motors were the major laggards.

Shares of Zee Entertainment Enterprises (Zee) gained 5 percent on Wednesday after Essel Group and lenders agreed on timeline extension.

The share price of Morepen Labs plunged over 17 percent intraday on Wednesday after the market regulator SEBI barred the company from capital markets for a year.

Meanwhile, Asian stocks fell on Wednesday after US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy.

Catch all the latest and live updates here on CNBC TV18 Market Live Blog.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.