Dow drops 387pts, Indian ADRs tumble
US stocks tumbled on Thursday, with the Dow and S&P down nearly 3% after BNP Paribas froze three funds that invested in US subprime mortgages, prompting central banks to take steps to calm investors.
While the Dow plunged 387 points (2.83%) to 13,271, the Nasdaq Composite fell 56 points (2.16%) to 2,556.
Indian ADRs, too, plunged sharply on Thursday. HDFC Bank and ICICI Bank were down 6% each at $82.71 and $41.60, respectively.
Infosys dropped nearly 4% to $49.30. Satyam, Wipro, Genpact and Tata Motors also declined.
Asian mkts take Wall St cue, drop sharply
Asian equity markets took the Wall Street cue, and dropped sharply today on US subprime woes.
The Nikkei was down nearly 3% (449 points) at 16,722. The Hang Seng, Strait Times and Kospi were all down 2-3% each.
The Shanghai index, however, was down only marginally (8 points) at 4,746.
US stocks tumbled on Thursday, with the Dow and S&P down nearly 3% after BNP Paribas froze three funds that invested in US subprime mortgages, prompting central banks to take steps to calm investors.
While the Dow plunged 387 points (2.83%) to 13,271, the Nasdaq Composite fell 56 points (2.16%) to 2,556.
Indian ADRs, too, plunged sharply on Thursday. HDFC Bank and ICICI Bank were down 6% each at $82.71 and $41.60, respectively.
Infosys dropped nearly 4% to $49.30. Satyam, Wipro, Genpact and Tata Motors also declined.
Asian mkts take Wall St cue, drop sharply
Asian equity markets took the Wall Street cue, and dropped sharply today on US subprime woes.
The Nikkei was down nearly 3% (449 points) at 16,722. The Hang Seng, Strait Times and Kospi were all down 2-3% each.
The Shanghai index, however, was down only marginally (8 points) at 4,746.
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