Friday's Asia ADR Recap: PetroChina

Stocks in India sold off on Friday after government data showed that inflation, which is measured by the Wholesale Price Index, soared to 48-month highs at 8.24% for the week ending on May 24, vs. 8.1% from the previous week.

The high inflation reading prompted the Reserve Bank of India's Governor Y.V. Reddy to say that the bank is ready to use a full range of instruments at its disposal to fight off rising inflation. Market players expressed concerns that if the RBI hikes rates, it could halt economic growth.

"There is no positive trigger for the market, while on the other hand inflation is here to stay. The hope that inflation would taper off from mid-June because of all the measures announced by the government in the last two months has been dashed with the hike in petrol and diesel prices," said Bhavesh Shah, vice president of research at Asit C. Mehta.

The Bombay Stock Exchange's Sensex Index dropped 197.54 points, or 1.25%, to 15,572.18. Here's a look at how some India-based American depositary shares traded in the U.S. on Friday.

Indian pharmaceutical giant Dr. Reddy's Laboratories(RDY Quote) announced it has filed for declaratory judgment in a New Jersey district court on six patents for AstraZeneca's(AZN Quote) top-selling heartburn medication, Nexium, in an effort to speed up a legal dispute over the blockbuster drug. Dr. Reddy's is asking the court to either require AstraZeneca to sue it over the Nexium patents, or let it know if its patent claims on the drug are invalid. American depositary shares of Dr. Reddy's, which trade on the NYSE, fell 3.8% to $15.83.