Wednesday's Asia ADR Recap: Icici Bank

Stocks in India failed to hold a positive open Thursday after the government postponed a planned cabinet meeting that was looking into ways to stop losses of over $1 billion a week for state-run oil refiners.

Dealers in the region said investors are worried the government will raise retail fuel prices at a dangerous time with inflation at three-and-a-half year highs. However, with an election year at hand, the government might be forced to come up with a more creative solution or risk upsetting the public.

"Ministers will instead meet in two or three days to consider all options, including increasing fuel prices and cutting duties," Oil Minister Murli Deora said. "If there is a hike, let us face it."

Traders said the expiration of derivates contracts and lower amounts of futures rollovers also helped keep Indian equities at bay. The Bombay Stock Exchange's Sensex Index fell 209.11 points, or 1.27%, to 16,316.26. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday. ...