In the US markets, stocks slid the most since October, wiping out more than half of last week's rally, on growing concern the global economic slump (Also See : US in recession; experts see it lasting till mid-'09) is deepening and consumers' access to credit is shrinking. Manufacturing contracted at the fastest pace in 26 years.

American Express and JP Morgan Chase fell more than 15% on prediction that credit-card companies will cut available lending by 45%, or more than $ 2 trillion. Treasuries rose, sending yields to record lows, as Federal Reserve Chairman, Ben Bernanke said the central bank may buy bonds to combat the worsening recession.

The Dow Jones Industrial Average closed down by 7.7% or 680 points at 8,149, and the broader S&P 500 fell 80 points or 8.93% to 816.2. The Nasdaq lost 137.5 points or 8.95% to 1,398.

A look at how the Indian ADRs performed: