Updated from 5:35 p.m. ESTAll major wholesale commodity markets in Mumbai and Delhi, including the Bombay Stock Exchange and the National Stock Exchange, remained closed Thursday, due to the Mahashivratri festival celebration. Indian automaker Tata Motors ( TTM) announced it's looking for up to $3 billion in loans to help finance the planned acquisition of Ford Motor's ( F) luxury car brands Jaguar and Land Rover. Investors in Tata's bonds weren't fans of the news to finance the deal through loans. According to Bloomberg, Tata's credit-default swaps hit a record of 503 basis points on investor fears of high debt, pension liabilities and issues with integrating the luxury brands. "The market is not happy about the deal because there is no synergy in the short term and it's a burden on Tata's balance sheet,'' said Ashutosh Goel, an analyst at Edelweiss Capital. Tata Motor's ADR shares fell 2% to $16.91. Indian telecommunications provider Tata Communications ( TCL) announced it's planning the world's largest commercial WiMax rollout for 15 Indian cities, according to BusinessWeek. "The wireless technology allowed the company to deliver broadband services in a cost-effective, decentralized manner in India where a majority of the country is not covered by wired infrastructure," said Shankar Prasad, president of Tata Communications' retail division. Tata Communications' ADR shares traded down 3.3% to $23.63. Leading the decliners among Indian ADRs on Wednesday were HDFC Bank Limited ( HDB), down 5.4% to $100; Icici Bank ( IBN), down 4% to $45.38; and Wipro ( WIT), falling 5% to $11.25. 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.