Banks across the region fell after the Citigroup chief executive Charles Prince “retired” and replaced by Robert Rubin as chairman and Win Bischoff as interim chief executive.

Asian markets closed sharply lower across the region. Hong Kong led the decliners with a fall of 5% followed by losses in Pakistan of 4.6%, in Thailand of 2.4%, in Indonesia of 2.2%, India of 1.9%, and Australia of 1.6%.

Hong Kong markets suffered its worst single-day decline this year after the Chinese Premier Wen Jiabao made cautious remarks on the investment in Hong Kong market mainland investors. After a sharp run up in the last three months Hang Seng Index had jumped 57% at the end of October and Shanghai Composite index had more than doubled for the year so far. Investors used this opportunity to take profit.

Banks in China fell sharply in the session. Bank of China led the decliners in the sector with a loss of 10% followed by losses in Bank of Communications of 8% and China Construction Bank of 6%.

PetroChina stock nearly tripled on its first day in trading in Shanghai listing. The oil explorer and refiner reached value of $1 trillion at close, surpassing other energy companies including Exxon Mobil, British Petroleum, and Total.

PetroChina initial public offering was listed at Rmb16.70 and closed at Rmb43.96 in the public offering in Shanghai and raised Rmb67 billion ($9 billion) and offered 4 million shares, in the largest public offering in mainland China.

ICBC bank raised $22 billion in its IPO in Hong Kong in October 2006. There are at least three other offerings in Hong Kong that are likely to raise more than $3 billion each in the next three months.

Hong Kong listed H-shares of PetroChina values the oil company at a market capitalization of $49 billion, sharply lower than its value when calculated using the Shanghai traded A-shares.

8:00AM New York, 6:30PM Mumbai- Sensex dropped on renewed worries of global credit crisis.

Sensex in Mumbai, India dropped on Monday as other markets in Asia fell. Investors are worried about the residual effects of the U.S. inflicted credit crisis. Banks fell in sympathy with sector weakness in China, Hong Kong, and Europe. ICICI Bank, HDFC Bank and State Bank of India traded weaker.

Asian markets closed sharply lower across the region. Hong Kong led the decliners with a fall of 5% followed by losses in Pakistan of 4.6%, in Thailand of 2.4%, in Indonesia of 2.2%, India of 1.9%, and Australia of 1.6%.

Sensex declined 1.9% or 385.45 to 19,590.78 and CNX Nifty slid 1.4% or 85.1 to 5,847.3. Daily trading on the Bombay Stock Exchange was recorded at 9,011 crore rupees and on the National Stock Exchange was at 22,800 crore rupees.

Of the 30-share Sensex index, four gained while the rest declined. Of the BSE shares, 1,403 closed higher, 1,320 traded lower, and 354 remained unchanged. ONGC led the decliners in the Sensex index with a plunge of 4.91% to 1,299.05 rupees.

The Delhi Consumer Commission fined ICICI Bank 50 lakhs rupees for using violent methods and employing criminals to collect late payments on loans. The bank has used heavy handed tactics to collect loans and interest and at times used criminal gangs operating as collection or recovery services. Despite heavy criticism by consumers and local governments, the bank has continued such collection practices.
Mundra Port initial public offering is oversubscribed seven times according to a filing with the Bombay Stock Exchange. After third day of the offering, the Adani group controlled company has received bids for 30 crore shares for an offering of 4 crore shares. The offering is expected to be priced between 400 rupees and 440 rupees.

Empee Distilleries Limited reported that its offering was fully subscribed on the third day of its offering. The distillery is expected to be priced between 350 rupees and 400 rupees and raise between 160 crore rupees and 190 crore rupees.

Reliance Natural Resources surged 25.7% to 178.55 rupees on the news reports that the company has responded to the offer made by Reliance Industries to resolve the KG Basin gas conflict.

Reliance Natural surged on heavy volume of 7.96 crore shares on BSE. The move follows a recent Bombay High Court order, which gave both parties a four months ultimatum to resolve their differences. Reliance Industries declined 1.8% to 2,663.65 rupees.

Infosys Technologies slid 2.7% to 1.856.35 rupees.

Tata Group bid for Ford Motor subsidiary Land Rover and Jaguar appears to be gaining grounds according to reports in the local media. Tata Motors traded lower at 2.1% to 739.55 rupees.

Mahindra & Mahindra fell 1.7% to 742.85 rupees, Hero Honda Motors shed 1.6% to 663.90, Maruti Suzuki India fell 2.5% to 995.45 rupees while Bajaj Auto lost 1.2% to 2,394.9 rupees.