ADRs in Focus: Indian shares drop after explosions

The seven explosions appear to be part of a terrorist plot, according to the police chief of Rajasthan, the northern state where Jaipur, as well as myriad tourist destinations, is located.

The capital city of New Delhi and Mumbai, where the Bombay Stock Exchange is located, were placed on high alert, as were other cities. Jaipur is about 150 miles southwest of New Delhi and about 575 miles northeast of Mumbai.

The attacks started at about 7:30 p.m. local time, or about 10 a.m. EST, after the Mumbai exchange had closed.

The Bombay Stock Exchange's benchmark 30-stock Sensex Tuesday dipped 108 points, or 0.6 percent, to close at 16,753 points.

The Bank of New York India ADR Index, which is comprised of 13 companies, lost 9.72 points to 1,005.65. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

Shares of Mahanagar Telephone Nigam Ltd. fell 13 cents, or 2.6 percent, to $4.86.

Shares of Sterlite Industries India Ltd. shed 22 cents to $20.02.

Infosys Technologies Ltd. shares dropped 68 cents to $42.90.

Shares of HDFC Bank Ltd. slipped $1.53 to $106.18.

Shares of Patni Computer Systems Ltd. lost 18 cents to $12.72.

ICICI Bank Ltd. shares rose 34 cents to $42.56 and shares of Rediff.com India Ltd. added 2 cents to $8.65.

The Bank of New York Emerging Markets ADR Index -which includes shares of companies based in China, Mexico, Brazil and more -gained 2.30 points to 379.12. The Bank of New York Composite ADR Index shed 0.56 points to 183.47 as the U.S. markets were mixed in afternoon trading.