With a total of 151, Sharmila missed the weekend action in tied 87th place.
The Indian had three birdies -- on the fifth, 11th and 14th -- but bogeyed four times and double bogeyed twice to exit early as the cut came at 147.
South African Ashleigh Simon hit a six under par 66 at Buckinghamshire Golf Club to take a two-stroke lead going into the final round. She is at nine-under 135.
The Johannesburg 23-year-old began the day three behind the overnight co-leaders, but birdied the third and then picked up seven shots in six holes from the fifth, with five birdies followed by an eagle at the 10th.
That put her at eight under for the day and 11 under overall, but she then dropped two shots on holes 12 and 13.
Another eagle chance at the 14th fell just short and the resultant birdie was countered by a three-putt bogey at the last, but it was enough to open up a two-stroke lead at nine under par.
First round co-leader Lydia Hall of Wales followed her opening day 66 with a 71 to end seven under, alongside Beth Allen of the United States, who shot a second-round of 69.