US indices, Indian ADRs tumble

The US indices tumled last night amid fresh concerns over the credit markets and the likely impact on the economy. The Dow Jones industrial average plunged 280 points to 13,042. The Nasdaq slumped 61 points to 2501.

Indian ADRs, too, tumbled across-the-board. ICICI Bank and VSNL dropped over 4.5% each to $41.90 and $17.82, respectively. Genpact, Sterlite, Infosys, Satyam, Wipro, HDFC Bank, MTNL, Tata Motors and Dr.Reddy's slipped 2-4% each.