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Stocks in India continued to slide on Monday registering the largest monthly decline in 16 years, after the Left allies of the United Progressive Alliance coalition government threatened to withdraw their support for Prime Minister Manmohan Sigh if the Congress singed a nuclear agreement with the United States. Also weighing on investor sentiment in the Far East were rising inflation concerns following record high crude oil prices that touched $143 a barrel in pre-market trading on the New York Mercantile Exchange.

"It is a complete breakdown of confidence. The nervousness is quite high," said Deven Choksey, CEO of the brokerage KR Choksey. "Panic is leading to further panic. We need some comforting words that suggest the fundamentals are still intact and inflation is being addressed to arrest this free fall."

The Bombay Stock Exchange's Sensex Index dropped 340.62 points, or 2.47%, to 13,461.60. The Sensex is now down 34% year-to-date, its worst six-month showing on record. Here's a look at how some India-based American depositary shares traded in the U.S. on Monday.

Shares of


soared 21% after Darren Chervitz, director of research and co-portfolio manager at

Jacob Internet Fund


, mentioned the stock positively during a segment on


today. Chervitz said is the leading independent portal in India and is a strong acquisition target. He mentioned his fund has been adding to its long position in the name recently. American depositary shares of, which trade on the


, rose $1.37 to $7.77.



, India's biggest private sector lender, and



, India's largest mortgage company, announced they will hike lending and deposit rates effective from July 1. HDFC said it will raise its prime lending rate for adjustable or floating loans by 50 basis points to 11%, and the new fixed rate loan will be 14%, up 75 basis points. ICICI Bank said it will increase the floating rate for consumer loans by 75 basis points to 13.50%. The bank also bumped up its benchmark advance rate for corporate borrowing by 75 basis points to 16.50%. Both banks also announced they will raise deposit rates between 50 and 100 basis points. Shares of ICICI Bank fell 3% to $28.76, while HDFC Bank rose 10 cents to $71.66.

Patni Computer


, an Indian information technology solutions and services company, announced it has appointed Kimmo Solla as vice president and head of the company's Product Engineering Services for the European region. Previously, Solla held the position of strategic client partner at



, where he managed one of Wipro's largest international accounts. Shares of PTI dove 5.3% to $10.14.

Leading the Indian ADRs to the upside Monday were

Dr. Reddy's Laboratories


, which added 2% to $15.60;

Tata Communications

( TCL), which moved up 1.9% to $17.84; and Wipro, which jumped 1.4% to $12.18.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Stocks in China traded mixed on Monday with shares in mainland China closing slightly lower on no new significant developments, and shares in Hong Kong advanced as institutional money managers preformed some window dressing maintenance to their portfolios on the last day for the second quarter.

"There was little interest in the market also because of the shortened trading week," said Peter Lai, investment manager at DBS Vickers.

The Shanghai Composite Index fell 12.33 points, or 0.45%, to 2,736.10, and Hong Kong's Hang Seng Index rose 52.49 points, or 0.2%, to 22,094.84. Hong Kong's equity markets will be closed on Tuesday for a public holiday. Here's a look at how some China-based American depositary shares traded in the U.S. on Monday.

Chinese alternative energy company

Trina Solar


announced it has inked a sales agreement with ERGYCA Power Srl, a subsidiary of Italian-based

GreenergyCapital SpA

. Under the terms of the agreement, Trina Solar will supply GreenergyCapital with PV modules for a total value of $158 million for three years. American depository shares of Trina Solar, which trade on the


, finished down 1% to $30.39.

Elsewhere in the Chinese alternative energy sector,

Canadian Solar


announced it has inked a ten-year supply deal with China-based

LDK Solar


. The new deal is in addition to a three-year deal signed in October 2007. Under the terms of the new agreement, LDK Solar will supply an additional 800 megawatts of solar wafers to Canadian Solar up until 2018. Delivery will start in July 2009 of around 40 megawatts and about 80 megawatts annually in 2010 going forward. Shares of LDK Solar fell 4.8% to $37.88 and Canadian Solar lost 19 cents to $40.19.

Shares of

LJ International

( JADE), a Chinese company that designs, brands, markets, distributes and retails a range of fine jewelry, plunged 14% after the company reported a weak first-quarter revenue report. The company said first-quarter profits were $1.1 million, or 6 cents per share, vs. $600,000, or 3 cents per share. Revenues dove sharply by 11% to $30.4 million, vs. $34.1 million for the same period last year. Shares of LJ International lost 48 cents to $2.79 on above-average volume.

Shares of

E-House Holdings


, a leading real estate service company in China, jumped 8% after the company reaffirmed its guidance for second-quarter revenues of $41 million to $44 million, vs. Wall Street estimates of $42.4 million. The company said that despite a weak transaction environment for the Chinese real estate market following the earthquake that rocked Sichuan Province, it still expects its revenues to hit its previous guidance as they expand their business cycle and market share. Shares of E-House climbed 86 cents to $11.36.

Roth Capital Partners initiated coverage on Chinese information technology solutions and service provider

Yucheng Technologies

( YTEC) with a buy rating and a $19 price target citing strong spending trends from top-tier Chinese banks as the Olympics approach. Roth analyst Kun Tao also raised his second-quarter sales forecast by $8.5 million to $24.5 million but lowered his gross margin forecast to 29% from 37.5%. Shares of Yucheng dropped 4.2% to $11.19.

China Automotive Systems


, a Chinese supplier of power steering systems and components, announced it expects to report a significant jump in second-quarter profits due to a strong showing for all of its business segments. The company said it expects to report second-quarter profits of 18 cents to 22 cents per share, vs. 10 cents per share from a year earlier. Revenues are expected to come in above $52 million, vs. $36 million from a year ago. Shares of China Automotive Systems surged 6% to $5.86.

Among the strong movers to the upside for Chinese ADRs and China-based stocks were

China Shenghuo Pharmaceutical

( KKUN), which rose 8.7% to $2.88;

Yanzhou Coal Mining


, which advanced 6% to $93.01;

China Natural Resources


, which added 5.9% to $17.54; and


, which traded up 5.3% to $21.79.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

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