ADRs plunge as financial crisis spreads

By Rodrigo Campos

NEW YORK (Reuters) - Overseas shares traded in the United States plummeted on Monday as investors dumped stocks globally on fears the U.S. financial crisis is spreading to Europe.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) sank 8.4 percent while the 30-share Dow Jones industrial average was down about 5 percent at 5:50 p.m. British time.

Governments and central banks around the world grasped at measures to contain the fast-spreading financial crisis on Monday, but global stocks still plummeted as investors bet the United States' $700 billion bailout could not avert a recession.

The response in Europe was fragmented, leading top U.S. officials to call for a "forceful and coordinated" global reaction.

New York-traded shares of European banks fell, with Barclays plc down 11.2 percent to $21.94 on the New York Stock Exchange.

ADRs of British Petroleum lost 7.9 percent and those of Brazil's Petrobras plunged 14.2 percent, as U.S. crude oil futures fell to below $90 a barrel on the New York Mercantile Exchange on growing concerns of a slowdown in demand.

The Bank of New York Mellon's index of leading European ADRs tumbled 7.6 percent.

European stocks had their worst one-day percentage fall on record as the pan-European FTSEurofirst 300 index closed down 7.4 percent. Its previous record was a 6.3 percent decline on September 11, 2001.