The 34-year-old Sharath, competing in his third Olympic Games, lost to Romanian Adrian Crisan 1-4 (8-11, 12-14, 11-9, 6-11, 8-11).
World No.73 Sharath fought hard in all of the five games but the 36-year-old world No.90 of Romania was up to the challenge.
Bengal paddler Ghosh, playing in his second consecutive Games, lost 1-4 (8-11, 6-11, 14-12, 6-11, 11-13) to Tanviriyavechakul Padasak of Thailand.
World No.150 Mouma failed to put up a fight against World No.58 Romania's Daniela Dodean Monteiro, as the Indian went down 2-11, 7-11, 7-11, 3-11 to bow out of the competition.
This was Mouma's second Olympic appearance after her debut in Athens 12 years ago. As a veteran paddler, Mouma was pipped to put up a strong fight but all hopes were dashed after her first round exit at the hands of Daniela.
Olympic debutant Manika gave a good fight but went down 2-4 to a superior 60th-ranked Katarzyna Franc-Grzybowska of Poland.
Manika lost 12-10, 6-11, 12-14, 11-8, 4-11, 12-14 to her opponent but will leave the Games with head held high because of her performance as a debutant.
It was the first time that four Indian paddlers qualified for the Summer Olympic Games.
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