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Notwithstanding the $700-billion bailout package getting the Congressional approval, US stocks tumbled the most since the September 2001 terrorist attacks. The Dow Jones Industrial Average of 30 blue-chips plummeted 7.34 per cent for the week, including last Monday’s record loss of 777 points; the broad-market S&P-500 saw an even steeper loss of 9.39 per cent and the Nasdaq plunged 10.8 per cent.

The situation was neither better at the domestic markets, as foreign institutional investors continued their selling. Both the BSE Sensex and the Nifty tumbled by about 4.4 per cent last week.

It was one of the worst weeks for the Indian ADRs as eight counters touched their new 52-week low. Except Sify, all the other counters ended deep in the red. Premium of ADRs with respect to domestic underlying equity also fell quite sharply.

Sterlite Industries was the biggest loser as its ADR crashed by 20 per cent at $7.64 against the previous week close of $9.61.

All the four listed IT majors – Infosys Technologies, Satyam Computer, Patni Computer and Wipro Technologies — have registered their yearly lows. Among them, Satyam Computer was the biggest loser by 15.65 at $15.04 ($17.83); Infy ADR slumped by about 12 per cent at $29.58 ($33.61); Wipro tumbled 8.76 per cent and Patni slipped by 1.84 per cent. Infosys is scheduled to announce its second quarter for 2008-19 on October 10.

Tata Motors ADR plummeted by 15 per cent at $7.13 ($8.4). Negative developments such as decline in sales growth and shift in Nano project location appeared to have taken its toll on the counter.

ICICI Bank also witnessed steep fall at $22.79 ($24.94). This counter was volatile through out the week as there apprehension in some quarter about the company’s financial on the back of global upheaval in financial sector. The company management and the Reserve Bank of India allayed fears of investors by saying that the bank has sufficient liquidity to meet the needs of its depositors.

The other bank major, HDFC Bank, was, however, relatively stable as its ADR declined by about 6 per cent at $86 ($91.4).

Sify was the lone gainer whose ADR climbed by 3.85 per cent even as the other Internet major, Rediff.com, crashed by 12.4 per cent.

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