Stocks in India fell sharply Monday as Prime Minister Manmohan Singh warned the government isn't capable of protecting the consumer from the impact of surging oil prices. Singh's comments coudl mean a fuel price hike is in the cards.

"There was no sharp selloff in global markets neither was there any negative news on the domestic front. The only semblance of logic to today's market fall could be that the market reacted to Friday's inflation data today. As far as the decision on fuel price hike is concerned, it is already factored in," said Arun Kejriwal, director at Kejriwal Investment Services.

The Bombay Stock Exchange's Sensex Index plunged 352 points, or 2.2%, to 16,063. Here's a look at how some India-based American depositary shares traded in the U.S. Monday.

Sterlite Industries

(SLT) - Get Report

, a Indian non-ferrous metals and mining company, announced it has purchased nearly all of the operating assets of bankrupt U.S.-based mining company

Asarco LLC

for $2.6 billion in cash. Under the terms of the deal, Sterlite will acquire three open-pit copper mines and a copper smelter in Arizona, along with a copper refinery, rod and cake plants and precious metals facilities in Amarillo, Texas. Sterlite said it will finance the deal through a mix of debt and cash resources and the acquisition is subject to approval by the U.S. Court for the Southern District of Texas. American depositary shares of Sterlite, which trade on the

NYSE

, closed down 1.5% at $21.80.

Indian automaker

Tata Motors

(TTM) - Get Report

announced it has completed its acquisition of

Ford Motor's

(F) - Get Report

luxury auto brands Jaguar and Land Rover for $2.3 billion. Ford Motor will take in $1.7 billion in cash after it pays $600 million into the Jaguar-Land Rover pension fund and the company will continue to supply Jaguar and Land Rover with engines, stampings and technology.

Tata Motors also announced it will raise the price of its passenger cars and sport-utility vehicles by as much as 3% to offset higher input costs. The company said it will hike the cost of its Indica hatchback and Indigo Marina by 1% to 2% and it raised the price of its sports-utility vehicles Sumo and Safari by 2% to 3% effective immediately. Shares of Tata slid 3.9% to $13.32.

Some big losers among Indian ADRs Monday were

Icici Bank

(IBN) - Get Report

, which fell 6.2% to $35.39;

HDFC Bank

(HDB) - Get Report

, which moved down 5.3% to $94.37;

Satyam Computer

( SAY), which lost 3.6% to $28.04; and

Rediff.com

(REDF)

, which finished down 3.3% at $7.22.

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 were driven higher Monday lead by the electricity sector on speculation the government is going to subsidize electric rates or potentially hike prices in an effort to offset skyrocketing commodity costs.

"The rise in power stocks and oil refiners was due to expectations that the government will ease price controls to help these companies counter high costs," said Hua Xin, an analyst at Founder Securities.

Stocks in Hong Kong tracked the gains in mainland China as investors celebrated some key decision among the telecommunications heavyweights. Also helping investor sentiment was a government statement that said last month's major earthquake that rocked Sichuan will not disrupt China's economic fundamentals.

The Shanghai Composite Index gained 25 points, or 0.8%, to 3,459, and Hong Kong's Hang Seng Index jumped 298 points, or 1.2%, to 24,831. Here's a look at how some China-based American depositary shares traded in the U.S. Monday.

Chinese wireless provider

China Unicom

(CHU) - Get Report

announced it has agreed to buy fixed-line telephone service provider

China Netcom

(CN) - Get Report

in a share swap for $187 billion Hong Kong dollars ($23.9 billion) as part of the Chinese government's restructuring of state-run telecommunications companies. Separately, China Unicom said it will sell its code division multiple access (CDMA) network to China's largest fixed-line operator

China Telecom

(CHA) - Get Report

for 110 billion yuan ($15.9 billion).

Shares of China Unicom, China Netcom and China Telecom have been suspended from trading since May 23 as the Chinese government reorganizes the telecommunications sector. All three stocks will resume trading in Hong Kong on Tuesday, according to the companies.

Elsewhere in the Chinese telecommunication complex, Citigroup said it will keep its buy rating on shares of mobile services provider

China Mobile

(CHL) - Get Report

. A Citigroup analyst said it rates China Mobile a low-risk buy and believes the company will be largely untroubled by the reorganization of the telecommunications sector. Shares of China Mobile traded up 1% to $74.46.

Shares of Chinese online travel service provider

Ctrip.com International

(CTRP) - Get Report

fell 2% after an analyst from Susquehanna Financial Group issued some bearish comments on the company. In a note to clients, analyst Chunming Zhao said the company could see a significant slowdown in the third quarter due to a lack of available hotel rooms in Beijing for the upcoming Summer Olympic Games. Research conducted by Zhao suggests a majority of the rooms at more than 30 of the leading hotels in Beijing are reserved by the Beijing Olympic organizing committee. Shares of Ctrip fell $1.18 to $57.20.

Leading the charge higher among China-based stocks Monday were

Agria

(GRO)

, which added 8.9% to $5.25;

New Oriental Education

(EDU) - Get Report

, which jumped 7.5% to $70.69;

Origin Agritech

(SEED) - Get Report

, which rose 6% to $6.72; and

China Sunergy

(CSUN)

, which climbed 5% to $12.31.

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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