Wall St tumbles; Indian ADRs slide

The US indices dropped sharply on Monday amid persistent worries on rising interest rates and slowing economy. The Dow Jones industrial average dropped 99 points to 10,793. The Nasdaq plunged 44 points to 2,091.

Indian ADRs witnessed a free fall. VSNL plunged 5.6% to $14.37, and HDFC Bank dropped 5.2% to $45.15. Tata Motors and ICICI Bank tumbled over 4% each to $15.34 and $22.65, respectively. Patni Computers, Infosys and Wipro shed 3% each to $14.65, $66.76 and $10.76, respectively.