Tuesday's Asia ADR Recap: Dr. Reddy's

India's leading pharmaceutical company Dr. Reddy's Laboratories (RDY Quote) announced its fourth-quarter profits plunged 68% and total revenue for the year dropped 23%, due to rising expenses, foreign exchange losses and competition from generic drugs in the U.S. The company said net income was $26 million, or 15 cents per American depositary share, vs. $81 million, or 51 cents per ADS, a year earlier, Total revenue came in at $1.25 billion, vs. $1.62 billion from the previous year. Foreign exchange losses jumped to $17.5 million, vs. $3.2 million from a year ago. Shares of Dr. Reddy's fell 2.2% to $14.86.

Indian ADRs were weak across the board Tuesday with HDFC Bank (HDB Quote) falling 4.6% to $104.19; Patni Computer Systems (PTI Quote) dropping 3.8% to $12.89; and Icici Bank (IBN Quote) trading down 3.2% to $43.05.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Chinese stocks sold off sharply Tuesday led by worries over the long-term impact of the major earthquake that hit mainland China last week. Dealers said earthquake damage reports were coming in much higher than expected and investors reacted by selling first and asking questions later. The Ministry of Industry and Information (MII) said that 14,207 industrial companies might have incurred combined losses equal to roughly 0.5% of China's gross domestic product.

"Concern has deepened that the earthquake will boost inflation and slow economic growth further," said Zheng Tuo, who manages $790 million at Bank of Communications Schroders Fund Management.