Shares in India continued to slide lower on Tuesday for the third day in a row as the Sensex Index broke below the psychologically key area of 15,000. Investors witnessed extremely high volatility as bank and information technology shares led the Sensex to its lowest level on the year at 14,645.31, before the index snapped back sharply by 244 points.

Fears of an interest rate hike, political uncertainty and rising crude oil prices which add to already high inflation readings continue to worry market players in the Far East.

"None of these issues are likely to be resolved in near term. And so, further correction in the market seems likely," said Manishi Raychaudhuri, an analyst at UBS Securities India.

The Bombay Stock Exchange's Sensex Index slipped 176.85 points, or 1.2%, to 14,889.25. The Sensex has now lost over 25% on the year since January. Here's a look at how some India-based American depositary shares traded in the U.S. on Tuesday.

China Watch: Try on Tiffany

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Indian information technology and consulting company

Infosys Technologies

(INFY) - Get Infosys Limited Sponsored ADR Report

and Indian information technology service provider

Satyam Computer Services

( SAY) had their price targets lifted by Morgan Stanley. In a note to clients, Morgan analysts Vipin Khare and Gaurav Rateria said a weak rupee, sustained demand and a better earnings outlook imply lower risk to share prices. The firm raised its price target for Infosys by 12.1% and increased its target for Satyam by 12.7%. American depositary shares of Infosys, which trade on the


, lost 2.5% to $45.73, and American depositary shares of Satyam moved lower by 2.2% to $26.10.

Tata Communications

( TCL), a leading Indian Internet and telecommunications service provider, announced that it is expanding its network in Africa through a partnership with South African-based communications network operator


. With the partnership, Tata can now offer consumers in South Africa a full global suite of products, including voice and data connectivity, managed security, application traffic management, managed storage and hosted applications, collaboration services, server management and content distribution. Shares of Tata slipped 2.2% to $21.12.

Indian auto maker

Tata Motors

(TTM) - Get Tata Motors Limited Sponsored ADR Report

announced that it is seeking the consent of its shareholders to raise $1 billion to finance more acquisitions and strategic alliances in India and overseas. In a notice to shareholders, the company asked for approval to raise up to $1 billion through the issue of Foreign Currency Convertible Bonds or equity shares in the international market and raise its borrowing limit to $5 billion. The company said it has major plans to expand its product line and presence in India and abroad for commercial and passenger vehicles. Shares of Tata Motors finished down 1.2% to $12.02.

Leading the losers list among Indian ADRs Ton uesday were

Sterlite Industries

(SLT) - Get Salt TruBeta High Exposure ETF Report

, which dropped 4.3% to $18.90;

Sify Technologies

(SIFY) - Get Sify Technologies Limited Sponsored ADR Report

, which moved down 3.8% to $4.28; and

Wipro Limited

(WIT) - Get Wipro Limited Sponsored ADR Report

, which dove 2.9% to $13.12.

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

Chinese stocks plunged Tuesday in both mainland China and Hong Kong after investors returned to a negative backdrop following a public holiday on Monday. The People's Bank of China said over the weekend that it would hike the reserve ratio, for the fifth time this year, for commercial banks by a full percentage point to a record 17.5% in an effort to slowdown the booming Chinese economy. Analysts said the move could cause a hit to corporate earnings for Chinese banks as they rein in lending practices to adjust to the new ratio.

"The problem is the outlook is still quite gloomy, because of high inflation and risk of recession,

and is hurting all the equity markets in Asia," said Frances Lun, an analyst at Fulbright Securities.

TheStreet Recommends

The Shanghai Composite Index dove 257 points, or 7.73%, to 3,072.33, the largest single-day percentage loss in over a year. Hong Kong's Hang Seng Index fell 1,026 points, or 3.97%, to 23,433.65. Here's a look at how some China-based American depositary shares traded in the U.S. on Tuesday.

Goldman Sachs Group reiterated its buying rating and $58 price target on Chinese out-of-home advertising network operator

Focus Media

( FMCN). The firm believes that shares are undervalued after investors reduced Focus Media's market capitalization by around $1 billion, after the company cut revenue guidance by $40 million due to negative impacts from last month's Sichuan earthquake. Goldman analyst Mitchell Haol spoke to Focus management, and the firm thinks that the second quarter could be the first of several quarters of substantial free cash flow generation. American depositary shares of Focus Media, which trade on the Nasdaq, jumped 1.7% to $30.54.

Broadpoint Capital started coverage on Chinese alternative energy company

JA Solar


with a buy rating and a $30 price target. The firm said that JA Solar's low-cost polysilicon position will be the differentiator as the industry supply chain rationalizes. Shares of JA Solar fell 3% to $18.79.

WuXi PharmaTech


, a Chinese pharmaceutical, biotechnology and medical device research and development outsourcing company, announced it has inked a new three-year collaboration agreement with London-based drug maker


(AZN) - Get Astrazeneca PLC Sponsored ADR Report

to expand their relationship in developing high-quality synthesized chemical compounds for new drugs. Shares of WuXi dropped 4.8% to $18.41.

Chinese leader in design, engineering, fabrication and installation of high-end building envelope systems

Architectural Engineering

( CAEI) announced it expects to report its highest quarterly revenue and earnings in the company's history for the second quarter, ending on June 30, 2008. The company is predicting that revenues for the second quarter will be in the range of $32 million to $35 million and that earnings for the second quarter will be in the range of $6.7 million to $7.8 million. Shares of Architectural Engineering ended essentially flat at $10.75.

Some notable losses were seen among Chinese ADRs and China-based stocks Tuesday, led by

Trina Solar


, which lost 9.6% to $36.54;

Home Inns & Hotels Management


, which dropped 8.8% to $19.26;



, which fell down 7.4% to $5.73; and

Solarfun Power

( SOLF), which closed down 7.4% to $18.14.

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.

For more on Asia, check out

Daniel Harrison's coverage



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