Kotak To Raise $1 Billion Infrastructure Fund

In Asia, markets plummeted as investors worried about a possible end to U.S. interest rate cuts and a slowing American economy. Hong Kong's benchmark index plunged over 3 percent and markets in Japan, China, South Korea and Singapore fell more than 2 percent.

Repeating a pattern seen several times this year, a sharp sell-off in U.S. stocks Thursday prompted investors elsewhere to dump shares. The Dow Jones industrial average tumbled more than 360 points Thursday as investors reacted nervously to surging oil prices and a smaller-than-expected gain in U.S. consumer spending for September.

A warning about inflation Wednesday from the U.S. Federal Reserve when it cut rates also triggered concern that the U.S. central bank might hold off on further rate cuts or even consider raising them if inflation accelerates. read more