Tested the issue  on windows-7, Mac-10.11.6 and linux ubuntu 14.04 using chrome stable version 54.0.2840.99 and latest canary 56.0.2915.0 with the steps mentioned above.
Observed some of the characters floating upwards.
Same behavior noticed in other browsers also.(Firefox and IE).
Issue seems not specific to chrome browser.
Could you please check in other browsers and let us know your observations.

Thanks..

Issue tested on:
Windows 10 1607 using Google Chrome ver (54.0.2840.99 m), Firefox 49.0.2 and Opera 41.0.2353.56.
Ubuntu 16.04 using Firefox 49.0.2, Chromium ver 53.0.2785.143

All the same issue, also I searched it on Bing and Yahoo. 
But I found quite intereting with Yandex there is no issue (tested on Chrome and Firefox).
Maybe the issue is in Google search engine's, also Bing and Yahoo ones.

Thank for your attention.

#2, #3: yandex simply hides the bugs by using CSS property "overflow: hidden"
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The character in question has several dozens of added diacritics, all rendered in Chrome and some other programs I've tried (like a harfbuzz/freetype-based Aegisub).

I'm not an expert on this, so here's a link that suggests using Unicode normalization form C instead of form D: https://stackoverflow.com/questions/11978912/how-to-protect-against-diacritics-aka-unicode-combining-characters-zalgo

The bug doesn't look to be Chrome related and probably specific to Google Search App.

Labelling accordingly for more inputs on this from the respective team.

The characters are rendered as they're supposed to be and as intended by the content authors.

Google search might want to clip the results, tracked in internal issue no 2512113.

This is not a chrome bug as is working as intended.