Dow slumps 125 pts, tech ADRs drop sharply

US markets took a beating for the second cosecutive session on Thursday following IBM's weak earning report and worries over slowing of economy. While the Dow Jones crashed by a whopping 1.20% (down 125 pts) to 10,279, the Nasdaq fell 1.40% (28 pts) to close at 1,947.

Indian ADRs, too, followed the suit and ended with steep losses. Infosys was a major loser and tumbled nearly 7% to $61.55. While Satyam dropped nearly 5% to $21.85, Wipro shed 4.26% to $18.90.

ICICI Bank declined 3.54% to $19, and MTNL lost 2.33% to $6.29. Dr. Reddy's, Tata Motors and VSNL, too, ended weak at $17, $9.70 and $8.55, respectively. HDFC Bank, however, was the sole gainer and ended marginally higher at $43.13.