Last night, the US S&P 500 dropped 8.79%. There have been only two such days in its history: 19 October 1987 (-22.9%) and 26 October 1987 (-8.64%). The VIX rose to 46.72. There have been only three such days in its history: in 1998 and 2002.
I watched the ADR of ICICI Bank with curiosity through this. There was a lot of discussion about ICICI Bank last night so I wondered if this would influence the price of the ADR. And, I wondered whether the sharp negative shock to the S&P 500 would influence the price of the ADR. By and large, it has not. The ADR closed 12.47% down, which just reflects yesterday's price discovery in India. It's interesting to ponder what this means for both the Indian economy and for ICICI Bank.