Update from 4:04 p.m. ESTIndian stock markets saw a severe drop Monday after the annual budget presented by Palaniappan Chidambaram on Feb. 29 failed to spur buying interest. Market players in India are also concerned about slowing U.S. growth and a possible U.S. recession impacting their economy. The Sensitive Index plunged 900.84 points, or 5.1%, to 16,677.88. "There is blood on the street. The data coming out of the U.S. is very weak and the budget also did not inspire confidence. All this has led to a selloff," said Jayesh Shroff, from SBI Funds Management. According to a Reuters report, India's Tata Communications ( TCL) might sell a stake in its retail and broadband business to Singapore state investment company Temasek Holdings. Shares of Tata Communications fell 0.8% to end the session at $25 and were recently trading another 0.8% lower in after-hours trading on the NYSE. Some big losers among Indian ADRs Monday were Sterlite Industries ( SLT), which closed 4.6% down at $19.90; Mahanagar Telephone Ingam ( MTE), down 5.4% at $5.78; and Patni Computer Systems ( PTI), down 5.3% to $11.47. In the banking sector, Icici Securities, the brokerage division of Icici Bank ( IBN), announced plans to sell 3% of its equity to institutional investors ahead of its initial public offering, according to the Mint, a business newspaper. Icici Bank also plans to sell 7% of its equity stake in Icici Securities to the public. Shares of IBN fell 3% to $50.28 and rival bank HDFC Bank ( HDB) fell 5% to $103.69. Leading the gainers among the Indian ADRs were Tata Motors ( TTM), up 0.5% at $17.60; Dr. Reddy's Laboratories ( RDY), up 1.4% at $14.512 (but losing 1.1% in recent after-hours trading); and WNS Holdings ( WNS), down 1.1% at $14.69. 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.
Chinese online financial news provider China Finance Online ( JRJC) moved its vice president of sales and marketing, Caogang Li, to the position of chief operating officer. "Caogang has been instrumental in building our telemarketing capability and integrating it with our Internet media platforms, a core competency that we can apply to distribute a diversified portfolio of financial products and services to the investors in China," said Zhiwei Zhao, CEO of China Finance Online. Shares of China Finance Online are fell 10.7% to $18.95. Other major decliners among Chinese ADRs Monday were China Natural Resources ( CHNR), which fell 8.1% to $24.17; Ninetowns Internet Technology Group ( NINE), off 6.3% to $2.52; LDK Solar ( LDK), off 9.5% to $225.88; and China Digital TV ( STV), off 9.5% to $19.85 (though the stock was takign back 2.8% in recent after-hours action). 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.