US markets tumble for third consecutive day

The US markets ended lower on Wednesday, making it the third consecutive day of closing lower.

The Dow Jones lost 411 points or 4.7% to 8283. The Nasdaq was down 5.2% to close at 1499 points. Corporate earnings have been poor for the quarter and the street was spooked by news that the government may not banks' bad mortgage assets.

Meanwhile, the US Congress was examining if more changes were required to Henry Paulson's $700 billion rescue plan.

Among ADRs, ICICI Bank lost 12.1% to $14.83 and Satyam was down 10.2% to $13.01. Wipro, HDFC Bank and Tata Motors lost 9.7%, 8.4% and 8.3% respectively.