Dow drops over 290pts, ICICI Bank down 10%

US stocks fell on Wednesday as gold and oil prices plunged and speculation that more firms may need to take write-downs.

While the Dow dropped 293 points (2.36%) to 12,099.66, the Nasdaq Composite declined 58.30 points (2.57%) to 2,209.96.

Indian ADRs, too, declined sharply yesterday. ICICI Bank plunged over 10% to $35.52. HDFC Bank dropped nearly 7% to $92. Infosys, Satyam and Wipro also closed with sharp losses yesterday.