Peperomia obtusifolia "Variegata", commonly baby rubber plant. It's been subjected to the stress that comes with wet feet, and the conspicuous reaction is typical. If there is no hole in the pot, you can drill one or redesignate the pot to an alternate purpose. If the symptoms are the result of stress due to cultural conditions in the root zone which are at or beyond the limits the plant is genetically programmed to tolerate, correcting the excess volume of water in the soil will help it bounce back; i.e., unless the roots have become infected with with any of several potential damping-off fungal infections. Just a heads-up - you shouldn't expect the plant to return from the brink in a blink. For a time, it will likely look worse for wear as symptoms of stress run their course, this, even as the plant begins to stabilize. You just need to be patient. There's lots more to be said, but I'll leave you with a link to An Overview of Good Growing Practices. If you think of any questions - don't hesitate to ask. Knowledge will move you along the path to a green thumb at a rate much faster than trial and error ever could, so it makes good sense to learn first, then use your practical experience to validate what you already know, instead of trying this and that while hoping for the best.

Al

Other than Al's comments, do you have it out in direct sun? I ask as it looks burned & I don't believe these plants want direct sun.

Thanks for ur help both of u:)

i have repotted the plant in a slightly bigger pot and you were right the soil wasnt draining well. I let it dry out the whole of last week and it looks somewhat stable now

although it is still shedding leaves after i watered it just a bit yesterday because the soil was dry:(

im going to remember your advise that it wont be back from the brink in a blink and just be patient i guess

@ karen u might be right about the leaf scorch...i didnt put it in direct sunlight, but it does get very hot here in pune....its around 40 degrees right now