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The US stocks crashed last week as investors moved away from equities on fears that economy is stalling. According to Bloomberg, the fall was the most in 32 months. The S&P 500 slumped 7.2 per cent – the biggest weekly drop since November 2008 and the lowest level since November 30, 2010. The Dow dropped 5.8 per cent while the Nasdaq crashed 8 per cent.
The massive pullout by foreign institutional investors affected the domestic market as well. The BSE Sensex tumbled 5.44 per cent and the NSE's Nifty plunged 4.94 per cent
Indian ADRs listed on the US bourses also met same treatment from investors. The biggest loser was Sterlite; the ADR plummeted 13.9 per cent to close at $12.72 against the previous week close of $14.77.
Tata Motors was the other biggest loser, whose ADR plunged 10.5 per cent. Recent rate hike by the RBI and talk of duel pricing system for diesel consumption seemed to have impacted the counter.
Infotech majors Infosys Technolgoies, Wipro, Patni Computer and Satyam Computer tumbled between 5 and 11 per cent.
Banking majors HDFC Bank and ICICI Bank also crashed 6.4 and 8.7 per cent respectively.
Dr. Reddy's Lab slipped 5.5 per cent to $33.68 ($35.65).
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