Wednesday's Asia ADR Recap: ReneSola

Elsewhere in the Indian technology space, U.S.-based Cognizant Technology Solutions(CTSH Quote), which has major exposure to India, and Bangalore-based Wipro Technologies(WIT Quote) have been ranked among the top 100 largest healthcare IT providers in the U.S. by Healthcare Informatics magazine. The magazine ranked Cognizant 11th and Wipro 23rd. Shares of Cognizant dropped 1% to $34.15 and shares of Wipro moved lower by 3.2% to $12.69.

The only Indian ADRs to advance on Wednesday were Dr. Reddy's Laboratories(RDY Quote), which traded up 1% to $16.14, and WNS Holdings(WNS Quote), which tacked on 9 cents to $18.42.

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 China continued to slide lower on Wednesday, with the Shanghai Index breaking below the psychologically important 3,000 level, before rebounding into the close on speculation that the Chinese government will take action to stop the falling equities markets. Market players speculated that the government could initiate margin financing or stock borrowing or slow new share sales.

"When the market falls sharply, new policies will be coming. This is routine in the Chinese markets," said Zhai Peng, a strategist at Guotai Jun'an Securities in Shanghai.

The Shanghai Composite Index lost 48.09 points, or 1.6%, to 3,024.24, and Hong Kong's Hang Seng Index traded down 47.92 points, or 0.21%, to 23,327.60. Here's a look at how some China-based American depositary shares traded in the U.S. on Tuesday.

5fad.com, a Hangzhou-based online digital music provider, announced it filed a lawsuit against Chinese-language Internet search provider Baidu.com(BIDU Quote) on June 10 at the U.S. District Court for the Southern District of New York. The company is accusing Baidu.com of allowing customers to directly listen to and download its copyrighted works via Baidu's Web site without their permission. American depositary shares of Baidu, which trade on the Nasdaq, dropped 2.2% to $318.98.