Wall St slumps; ADRs drop

The Wall Street ended with significant losses on Friday owing to weakness in banking stocks coupled with inflation worries. The Dow Jones industrial average plunged 257 points to 12,325. The Nasdaq dropped 61 points to 2,290.

Indian ADRs, too, ended with significant losses. Wipro and HDFC Bank plunged over 3.5% each to $11.03 and $96.24, respectively. Genpact, Satyam, Patni Computers, ICICI Bank, MTNL, Tata Motors and Tata Communications slipped 2-3% each.