South Korea's Kospi reversed early gains to finish the session lower by 2.31 percent at 2,396.56. Shares of tech heavyweight Samsung Electronics tumbled 3.42 percent, dragging on the broader index. Other tech names were mixed at the end of the day, with SK Hynix advancing 1.28 percent.
Losses were also seen in the manufacturing, finance, energy sectors. Steelmaker Posco closed down 2.67 percent and Lotte Shopping tumbled 6.07 percent.
Over in Sydney, the S&P/ASX 200 bounced 0.75 percent to end at 5,876.8 as energy and materials stocks led gains. Among major miners, Rio Tinto and BHP tacked on 3.82 percent and 1.81 percent, respectively. Energy-related stocks edged up: Santos advanced 1.62 percent and Beach Energy climbed 4.82 percent.
Gold producers were the worst-performers on the day, with the sector declining 1.96 percent.
Hong Kong's Hang Seng Index erased early gains to track lower by 0.76 percent at 3:04 p.m. HK/SIN. Tech giant Tencent clung to gains, climbing 1.22 percent ahead of the market close, but other index heavyweights fared less well: Developer China Evergrande Group slid 2 percent and China Unicom fell 2.69 percent.
Hong Kong-listed shares of Chinese banks were also in negative territory before the close, with China Construction Bank and Bank of China lower by 1.92 percent and 1.37 percent, respectively.
Meanwhile, mainland markets extended losses after last session's sell-off. The Shanghai composite declined 1.81 percent to close at 3,309.58 and the Shenzhen composite shed 0.68 percent to end at 1,714.39. The blue chip CSI 300 index finished lower by 2.38 percent.
Mainland financial stocks took a beating and were among the worst-performing sectors on Wednesday: Shares of Bank of China listed in Shanghai fell 3.57 percent and Industrial and Commercial Bank of China lost 5.94 percent by the end of the day. Among insurers, Ping An Insurance Group finished the session down 3.32 percent.