US Markets closed lower after the Federal Reserve Chairman said the housing slump is likely to act as a drag on to US economic growth, sparking investor concerns.

Rising crude oil prices also added to negative sentiment, while financial stocks remained pressured by lacklustre earnings reports.

The Dow Jones fell 0.6%, following a triple-digit loss in Monday's session. It ended at 13,913. The S&P 500 declined 0.7% to 1,539 and the Nasdaq lost 0.6% to end at 2,764.


Indian ADRs plunged; HDFC Bank down 10.14%

Indian ADRs plunged on Tuesday. All the ADRs came down heavily. In technology stocks, Patni Computers was down 8.38%, Infosys was down 5.73%, Wipro was down 3.35% and Satyam was down 4.05%.

Other stocks were no exception to the downfall of the stocks and were down significantly. In Banking space, ICICI Bank was down 6.51% while HDFC Bank was down 10.14%. In telecom space, MTNL was down 2.28% and VSNL was down 4.96%.

In other sectors, Tata Motors was down 5.60% while Dr Reddy’s Labs was down 3.07%. The effect on the Indian ADRs was seen from the US market’s performance which were down and rise in the crude oil price, which touched $ 88/bbl, its lifetime high.