US indices tumble, Indian ADRs drop too

The US indices plunged yesterday as market players felt that the Federal Reserve will have to hike interest rates to fight inflation.  The Dow Jones industrial average slumped 214 points to 11,206. The Nasdaq slipped 33 points to 2,196.

The Indian ADRs, too, dipped sharply on the Wall Street. ICICI Bank, HDFC Bank and Dr.Reddy's plunged around 4.5% each to $27.78, $57.42 and $33.60 respectively. Infosys tumbled 3% to $74.50. Satyam, Wipro and MTNL were down 1-2% each.