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ICICI Bank Leads Declines in India's ADRs After Mumbai Stock Exchange Falls on Iraq Conflict

Icici Bank Ltd. ( IBN ) led declines in American depositary receipts of Indian companies on Friday after after the country's stock market posted the biggest decline in four month on worries about escalating conflict in Iraq.

The Bank of New York Mellon Asia ADR Index was flat to down on Friday, in line with the S&P 500 Stock Index. Asia ADR decliners led advancers 158 to 68.

Icici Bank fell 4.5% to $49.77 per ADR while these companies also fell: Tata Motors Ltd. ( TTM ) -3.1%, HDFC Bank Ltd. ( HDB ) -2.4% and Dr. Reddy's Laboratories ( RDY ) -0.2%.

Wuxi Pharmatech (Cayman) Inc. ( WX ) fell 3.8% to $31.32 per ADR after company chairman Ge Li filed to sell $5.2 million of shares.

Asia ADR decliners included NQ Mobile Inc. (NQ) -4%, Zuoan Fashion Ltd. (ZA) -5% and Prima Biomed Ltd. (PBMD) -3.2%.

India's technology companies shook off earlier losses as Intel Corp.'s (INTC) upbeat outlook helped to lift the industry: Sify Technologies Ltd. (SIFY) +1.7%, Wipro Ltd. (WIT) +1.3% and Infosys Ltd. (INFY) +0.5%,

China Digital TV Holding Ltd. (STV) led Asia's gainers with a 14% jump to $4.32 per ADR. The company rose on a restructuring plan with Cinda Investment Co.

Yingli Green Energy Holding Co. (YGE) rose 3.9% to $3.17 per ADR after saying Malaysia's largest solar power plant containing its solar modules is operating.

Soufun Holdings Ltd.(SFUN) rose 4.4% to $9.22 per ADR to recover part of Thursday's losses after Deutsche Bank downgraded the Chinese real estate website.

Asia ADR gainers included Cheetah Mobile Inc. (CMCM) +4.6%, Jumei International Holding Ltd. (JMEI) +4.3% and Airmedia Group Ltd. (AMCN) +3.2%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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