Monday's Asia ADR Recap
Indian stocks dropped for the third day in a row Monday, after news broke that federal prosecutors are probing the nation's largest drugmaker Ranbaxy Laboratories for allegedly misleading the U.S. government about the quality of its low-cost drugs when seeking approval for its products in the U.S. Selling in the Indian IT sector also pressured the Sensex lower after Morgan Stanley warned Far East investors that further failures of U.S.-based financial companies could hit the sector hard.
Chinese stocks traded mixed on Monday with shares in mainland China rising and shares in Hong Kong trading lower, as Far East investors squared up positions and remained on the sidelines ahead of major economic data due out later this week. Traders said that the market will be focused on June inflation data that is set to be released on Thursday.
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