MUMBAI--8:20AM--American depositary receipts of Indian companies
ended down
Monday as US stock markets slid on financial market concerns.
HDFC Bank and Sterlite Industries lost 10% each, while Patni
Computer
Systems and ICICI Bank declined 11% and 12.5%, respectively.
Satyam Computer Services, down 14%, was the worst hit.
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Equity Alert: US shares slide around 4% Mon on Lehman, AIG jitters
MUMBAI--8:17AM--US share indices on Monday suffered their worst
fall since
September 2001, sliding around 4% as both Lehman Brothers Holdings and
American
International Group aggravated fears over the health of the US
financial system.
Lehman Brothers' shares tumbled 94% after it sought bankruptcy
protection as
talks to find a buyer for itself failed, while insurer AIG plunged
nearly 61% on
doubts over whether it could raise capital to fend off downgrades.
Shares of AIG, however, ended off lows after the New York Governor
David
Paterson said the company has been granted access to $20 bln of assets
currently held by its insurance subsidiaries.
Bank of America slid 21% after agreeing to buy Merrill Lynch for
$50 bln.
Merrill shares ended up 0.1%.
Other financial shares also declined. Goldman Sachs and Morgan
Stanley fell
12% and 14%, respectively.
The downside in the market, however, was capped as crude oil
prices fell
$5.47 to end at $95.71 a barrel on New York Mercantile Exchange.
.
Index Last level Change %
S&P 500 Index 1192.70 (-)4.7
Dow Jones Industrial Average 10917.51 (-)4.4
Nasdaq Composite Index 2179.91 (-)3.6
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