Nasdaq sheds 3%; Indian ADRs hammered
US stocks tumbled after weak data on new home sales heightened concerns about the pace of the economic recovery.
The Dow Jones industrial average dropped 119 points (1.21%) to 9,762 -- its third triple-digit drop in four days.The Nasdaq Composite Index slid 56 points, or 3% to 2,059.
All the Indian ADRs were hammered heavily.
Mahindra Satyam plunged 10% to $4.51 and Tata Communication dropped 5% to $18.1, respectively.
ICICI Bank slipped 4% to $32.98 and Sterlite declined 3.5% to $15.53, respectively.
Wipro shed 3% to $18.17 and MTNL was down 2.5% to $3.11, respectively.