Thursday's Asia ADR Recap: Solarfun

India's second-biggest bank, Icici Bank (IBN Quote), announced it's comfortable with the bank's liquidity position despite a challenging monetary environment. "Credit offtake is not matching liquidity inflows, to me that is a key signal of whether rates will go up or not," said CEO K.V. Kamath. Shares of Icici finished essentially flat at $40.91.

Some hot movers among Indian stocks Thursday were Sify Technologies (SIFY Quote), which soared 7.6% to $5.20; Cognizant Technology (CTSH Quote), which climbed 3% to $31; and HDFC Bank (HDB Quote), which closed up 2.1% at $100.89.

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

Stocks in mainland China fell Thursday after China's economic planning department said speculation that it would eliminate price caps on Chinese oil refiners was false. Shares in Hong Kong were also pressured lower after government data showed inflation rose in April due to rising food and fuel costs. Consumer prices jumped to 5.4% from last year, after a 4.2% climb in March.

"Inflation rate could hold its uptrend in the next few months as prices for food stuff, rentals and fuel costs are likely to continue to rise," said Paul Tang, chief economist at Bank of East Asia.

The Shanghai Composite Index dropped 58.56 points, or 1.7%, to 3,485.63, and Hong Kong's Hang Seng Index plunged 417.17 points, or 1.6%, to 25,043.12. Here's a look at how some China-based American depositary shares traded in the U.S. Thursday.