The BSE Sensex fell as much as 1.1 percent early on Friday, led by index heavyweight Infosys and Tata Steel.
Tata Steel, the world's No.7 steelmaker, fell more than 5 percent, a day after the company missed forecasts with an 89 percent collapse in quarterly profit and warned of tough conditions for the next few quarters. DLF Ltd, India's top listed real estate developer, fell more than 1 percent, after its earnings fell 11 percent.
Shares in airline Kingfisher fell more than 17 percent after media reports said 130 of its pilots had resigned after the cash-strapped carrier cancelled over 35 percent of its scheduled flights on Thursday.
At 9:17 a.m. (0347 GMT), the 30-share BSE index was down 0.80 percent at 17,222.57 points, with all but 2 of its components in the red.
The broader 50-share NSE index was down 0.83 percent at 5, 177.50 points.