Stocks in India sold off on Friday after government data showed that inflation, which is measured by the Wholesale Price Index, soared to 48-month highs at 8.24% for the week ending on May 24, vs. 8.1% from the previous week.

The high inflation reading prompted the Reserve Bank of India's Governor Y.V. Reddy to say that the bank is ready to use a full range of instruments at its disposal to fight off rising inflation. Market players expressed concerns that if the RBI hikes rates, it could halt economic growth.

"There is no positive trigger for the market, while on the other hand inflation is here to stay. The hope that inflation would taper off from mid-June because of all the measures announced by the government in the last two months has been dashed with the hike in petrol and diesel prices," said Bhavesh Shah, vice president of research at Asit C. Mehta.

The Bombay Stock Exchange's Sensex Index dropped 197.54 points, or 1.25%, to 15,572.18. Here's a look at how some India-based American depositary shares traded in the U.S. on Friday.

Indian pharmaceutical giant

Dr. Reddy's Laboratories

(RDY) - Get Report

announced it has filed for declaratory judgment in a New Jersey district court on six patents for

AstraZeneca's

(AZN) - Get Report

top-selling heartburn medication, Nexium, in an effort to speed up a legal dispute over the blockbuster drug. Dr. Reddy's is asking the court to either require AstraZeneca to sue it over the Nexium patents, or let it know if its patent claims on the drug are invalid. American depositary shares of Dr. Reddy's, which trade on the

NYSE

, fell 3.8% to $15.83.

Indian auto maker

Tata Motors

(TTM) - Get Report

announced it will explore opportunities for bringing its recently acquired British luxury car brands Jaguar and Land Rover into the Indian market, where a booming economy has created many millionaires. "Like Russia and China, Jaguar and Land Rover (JLR) would be exploring the Indian market also. A team will be coming to India to study the market," Tata Motors' managing director, Ravi Kant, said on a conference call on Friday. Shares of Tata dropped 3.4% to $12.50.

Not a single Indian ADR traded higher on Friday. Leading the losers list were

Tata Communications

( TCL), which plunged 10.6% to $22.17;

HDFC Bank

(HDB) - Get Report

, which fell 7.4% to $86.58;

Satyam Computer

( SAY), which dove 5.5% to $26.97; and

Wipro Limited

(WIT) - Get Report

, which traded down 5.5% to $13.72.

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

Chinese stocks traded mixed Friday with shares in mainland China falling marginally due to rising oil prices and with stocks in Hong Kong trading higher lead by gains in energy stocks. Analysts are predicting that Chinese stocks could advance next week if government data shows that China's consumer-price inflation fell in May. However, some market observers are worried that the super spike seen in crude oil in afternoon trading on Friday will pressure equities lower in the coming days.

"The market is expecting inflation to drop below 8%. If that turns out to be right, then it will be a very positive signal, as the credit tightening in China has been a source of major concern in both Shanghai and Hong Kong," said Steven Leung, director at UOB Kay Hian in Hong Kong.

The Shanghai Composite Index fell 21.98 points, or 0.7%, to 3,329.67, and Hong Kong's Hang Seng Index rose 146.89 points, or 0.6%, to 24,402.18. Here's a look at how some China-based American depositary shares traded in the U.S. on Friday.

Shares of China's top operator of electronic advertising displays,

Focus Media

( FMCN), fell 15% after the company said it lost money in the first quarter and cut its full-year forecast due to the earthquake that struck Sichuan. For the first quarter, the company said its net loss was $53.8 million, or 42 cents per American depositary share, vs. a net profit of $16.3 million, or 13 cents per share, from a year earlier. Revenues for the first quarter soared 215% to $161.6 million, vs. $51.3 million from a year ago, and total digital out-of-home advertising revenue surged 113.4% to $108.7 million, vs. $51 million a year ago.

Looking forward, the company said second-quarter revenues will come in in the range of $190 million to $195 million, vs. Wall Street estimates of $201.90 million, and full-year revenue will come in from $820 million to $850 million, vs. estimates of $822.23 million. American depositary shares of Focus Media, which trade on the

Nasdaq

, plunged $5.70 to $31.09 on seven times the average daily volume.

Trina Solar

(TSL)

, a Chinese alternative energy company, announced that its first-quarter net revenue soared 183.6%, well ahead of Wall Street estimates, but cautioned the Street that rising prices for silicon could lower the company's profit margins in the current quarter. The company said first-quarter net revenue was $120.7 million, vs. Wall Street estimates of $117.2 million, and first-quarter net income was $12.9 million, vs. estimates of $4.8 million from a year earlier. Trina said the costs for silicon could jump 5% to 10% in the current quarter, which could pressure margins until silicon production capacity ramps up later this year.

Looking forward, the company said second-quarter revenues would be $169 million to $177 million, vs. Wall Street estimates of $168 million, and full-year revenue would come in from $770 million to $808 million, vs. estimates of $756.46 million. Shares of Trina plunged 9% to $45 on three times the average daily volume.

PetroChina

(PTR) - Get Report

, China's largest oil company, reported that China's longest fuel pipeline is at risk of being damaged by the Tangjiashan lake that was formed after last month's massive earthquake that rocked Sichuan. PetroChina has dispatched a 100-strong rescue team along the pipeline in case the lake's banks burst and cause flood damage. Shares of PetroChina dove 4.4% to $135.97.

Some big movers to the downside among Chinese ADRs and China-based stocks Friday were

Sohu.com

(SOHU) - Get Report

, which lost 8.7% to $83.28;

China Southern Airlines

(ZNH) - Get Report

, which dropped 8.5% to $27.56;

China Netcom Group

(CN) - Get Report

, which slipped 8.4% to $55.64; and

China Unicom

(CHU) - Get Report

, which dove 7.6% to $18.29.

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.

For more on Asia, check out

Daniel Harrison's coverage

at

TheStreet.com

.

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