Indian ADRs drop for the third day

The Nasdaq was marginally down (three points) at 2330. The Dow Jones dropped (53 points) to 11,283.

The Indian ADRs tumbled for the third straight day. VSNL dropped 3.5% to $19.12, and MTNL shed 2% to $9. Dr.Reddy's slipped 2.7% to $31.78. Infosys, Satyam, Wipro and ICICI Bank were down 1-2% each. However, Patni Computers and HDFC Bank advanced over 1% each.