Wall St drops on rate worries; ADRs slide

The US indices fell on Thursday owing to profit taking amid worries that the Fed rate cut may not be round the corner. Rising home sales laid down the fears of possible rate cut in June. The Dow Jones industrial average shed 85 points to 13,441. The Nasdaq dropped 39 points to 2538.

Indian ADRs tumbled across the board. Wipro and VSNL slipped around 3% each to $15.61 and $22.75, respectively. Infosys, Satyam, HDFC Bank, MTNL and Dr.Reddy's declined 1-2% each to $48.56, $23.95, $80.44, $7.42 and $15.78, respectively.

The US crude oil futures for June delivery dropped $1.59 to $64.18 a barrel.