Indian software ADRs follow Wall Street lower

Infosys forecast fiscal second-quarter earnings of 55 cents to 56 cents, versus the 56-cent estimate expected by analysts polled by Thomson Financial.

Chief Executive S. Gopalakrishnan said in a statement that the global economy remains uncertain and may impact IT spending in the short-term.

Shares of Infosys declined $4.99, or 11.3 percent, to $39 in afternoon trading.

Elsewhere, Satyam Computer Services Ltd. lost $2.28, or 9 percent, to $23.12, and Wipro Ltd. declined 30 cents, or 2.6 percent, to $11.05. Shares of Patni Computer Systems Ltd. declined 52 cents, or 4.5 percent, to $11.09. All companies are based in India.

On Wall Street, stocks declined on higher oil prices and troubles at mortgage companies Fannie Mae and Freddie Mac.

In India, government data showed the country's industrial output grew at a slower-than-expected rate in May. On the Bombay Stock Exchange, the benchmark Sensex index shed 3.3 percent to 13,469.85 points.

The Bank of New York Mellon Asia ADR Index--which includes India, China, Japan and other--declined 2.69 points, or 1.8 percent, to 143.33, and the Bank of New York Mellon India ADR Index dropped 69.52, or 8.2 percent, to 783.15. American Depositary Receipts, or ADRs, are securities that allow U.S. investors to trade shares of companies based overseas.