ADRs in Focus: Indian stocks head lower

Overseas, Indian stocks declined as investors remained concerned about rising inflation and recent interest rate hikes that may temper consumer spending.

In Asia, India's Sensex fell 4.3 percent, while Shanghai's benchmark plunged to a 16-month low.

Of the 13 American Depositary Shares of Indian companies tracked by The Bank of New York, 10 declined in early afternoon trading. The Bank of New York India ADR index slipped 14.54, or 1.7 percent, to 846.44 in afternoon trading, while the Bank of New York Asia ADR index declined 0.39 points to 148.46.

Shares of Tata Motors Ltd. were among the big losers, declining 59 cents, or 5.4 percent, to $10.07 after hitting a low of $9.63, a level not seen since 2005.

Shares of Internet service provider Sify Technologies Ltd. declined 26 cents, or 6.2 percent, to $3.92 after setting a multiyear low of $3.73.

Shares of ICICI Bank Ltd. declined $1.39, or 4.5 percent, to $29.61, after hitting $29 earlier in the session--a level not seen since 2006. Shares of fellow financial institution HDFC Bank Ltd. declined $1.59, or 2.2 percent, to $71.17.

Bucking the trend, shares of information technology company Infosys Technologies Ltd. added 51 cents to $43.12.