Asia Stocks Recap: Downward Pulls

Update from 4:04 p.m. EST

Indian stock markets saw a severe drop Monday after the annual budget presented by Palaniappan Chidambaram on Feb. 29 failed to spur buying interest. Market players in India are also concerned about slowing U.S. growth and a possible U.S. recession impacting their economy. The Sensitive Index plunged 900.84 points, or 5.1%, to 16,677.88.

"There is blood on the street. The data coming out of the U.S. is very weak and the budget also did not inspire confidence. All this has led to a selloff," said Jayesh Shroff, from SBI Funds Management.

According to a Reuters report, India's Tata Communications (TCL Quote) might sell a stake in its retail and broadband business to Singapore state investment company Temasek Holdings. Shares of Tata Communications fell 0.8% to end the session at $25 and were recently trading another 0.8% lower in after-hours trading on the NYSE. ...