Thursday's Asia ADR Recap: Simcere Pharma

Stocks in India closed in negative territory for the fifth consecutive trading session Friday, after the government released inflation data that came in at a 42-month high. India's wholesale price index (WPI) rose to 7.61% in the 12 months ending April 26, vs. the previous week's reading of 7.57%.

Traders said the bears are in complete control of the markets after the Sensex Index crashed through the psychologically important 17,000 level. The Bombay Stock Exchange's Sensex Index ended down 343.58 points, or 2%, at 16,737.07.

"The market is still very weak and participation is very low amid soaring crude prices and rising inflation," said Trinadh Kiran, head of e-broking at New Delhi-based Unicon Securities. "It is better to stay on the sidelines and watch for definite cues now in the market," Kiran added.

On Wednesday, Indian commodities market regulators installed a ban on futures trading in potato, soy oil, rubber and chana for four months, in an effort to cool rising food prices. Recently, the Indian government cut duties on some imports and banned some exports to help ease inflation concerns. Dealers said now there's talk that officials will ask cement companies to cut prices.

"More administrative steps will be taken if and when they become necessary," Finance Minister Palaniappan Chidambaram said. "It has come as a big relief that inflation in the current week is statistically stable compared with last week's figure," the minister said.

The Department of Telecom has decided to put off a decision to sell a 26% stake in Tata Communications (TCL Quote) until the issue surrounding the company's surplus land holdings is settled, according to thehindubusinessline.com. American depositary shares of Tata Communications, which trade on the NYSE, finished essentially flat at $23.73.