Monday's Asia ADR Recap

The Indian government has paved the way for the world's third-largest sovereign wealth fund, Government of Singapore Investment Corporation, and Temasek -- another sovereign wealth fund based in Singapore -- to acquire 10% stakes each in India's largest private sector lender ICICI Bank(IBN Quote). However, the two funds will still need to gain approval from the Reserve Bank of India before they can acquire their stakes. Shares of ICICI Bank dropped 1.2% to $33.12.

Patni Computer Systems(PTI Quote), an Indian information technology, consulting and software development company, announced the launch of a new service called PatniADEPT, which will provide adverse event case processing for pharmaceutical companies. The new service will leverage industry-leading software to provide hosted support for the global collection, coding, assessment and reporting of adverse event data. Shares of Patni climbed 2% to $11.27.

Leading the decliners list among Indian ADRs Monday were Sterlite Industries(SLT Quote), which fell 3.7% to $17.08; Tata Communications(TCL Quote), which slid lower by 3.6% to $17.74; and Mahanagar Telephone Nigam(MTE Quote), which traded down 3% to $4.51.

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 and Hong Kong fell Monday after China's central bank governor, Zhou Xiaochuan, said on Friday that the government might enact stronger monetary tightening policies to fight inflation due to higher energy costs. Traders said the remarks sparked more fears of future interest rate hikes that could derail the economy further following the recent announcement of energy price hikes.