Wall Street's wilting to fresh 12-year low on took a heavy toll on banking stocks and automakers across Asia.  General Motors' auditors warned Thursday that the firm risked bankruptcy, dragging down the Dow by 281.40 points, or 4.1%, to 6,594.44, on Thursday. The slide overnight in New York put pressure on the dollar, leading to a rebound in the yen to 98.16 to the greenback--never a good thing for the export-dependent Japanese economy. The benchmark Nikkei 225 average was off by 3.5%, or 260.39, to close at 7,173.10. The broader Topix index slid by a less steep 2.7%, to 721.39, a 25-year low.  Exporters sold off, particularly automakers. Honda Motor (nyse: HMC - news - people ) dropped by 110 yen ($1.14), 4.9%, or to 2,150 yen ($22.23). Fuji Heavy Industries fell by 24 yen (25 cents), or 7.1%, to 316 yen ($3.27), after the maker of Subaru vehicles said it had applied for a government loan of 10 billion yen ($103.4 million) to fund daily operations.  Financial stocks also suffered after Citigroup fell below $1 a share for the first time. Leading lender Mitsubishi UFJ Financial Group (nyse: MTU - news - people ) lost 18 yen, or 4.3%, to 403 yen ($4.17). The Yomiuri Shimbun reported that Citigroup intends to sell its 26% stake in online broker Monex as it seeks to raise cash. Monex shares fell by 1,840 yen ($19.01), or 7.4%, to 23,000 yen ($237.84). Citi is also trying to sell its Japanese brokerage Nikko Cordial. Shinsei Bank, the ailing Japanese lender held by U.S. buyout firm JC Flowers & Co., said on Friday it would issue an unspecified amount of preferred securities to shore up its capital base which has been decayed by bad bets on U.S. subprime loans. The stock shed 7 yen, or 8%, to 80 yen (83 cents).  Australia's S&P/ASX 200 fell 1.3% to close at 3,145.5, with resources stocks hurt by a drop in metals and oil prices and financials selling off on news of job cuts at Bank of Queensland and rumors that NAB is planning to wield the ax as well. The broader All Ordinaries index headed lower by 1.2%, at 3,111.70. New Zealand's NZX 50 index diminished by 20.36 points, or 0.8%, to 2,471.04.  BHP Billiton (nyse: BHP - news - people ) dropped by 66 Australian cents (42 cents), or 2.3%, to 27.65 Australian dollars ($17.66). QBE Insurance Group fell by 76 Australian cents (49 cents), or 4.45%, to 16.30 Australian dollars ($10.45). But Woodside Petroleum (other-otc: WOPEY - news - people ) reaped the benefits of the recent run-up in oil prices, bubbling up by 1.35 Australian dollars (87 cents), or 3.95%, to 35.55 Australian dollars ($22.79).  Hong Kong's Hang Seng index fell 2.4%, or 289.72 points, to close under the 12,000 level at 11,921.52, with banks selling off. HSBC Holdings (nyse: HBC - news - people ) took further losses after saying it was interested in raising its 19% stake in China's Bank of Communications. HSBC shares dropped by 1.30 Hong Kong dollars (17 cents), or 2.9%, to 43.50 Hong Kong dollars ($5.58). Hang Seng Bank (other-otc: HSNGY - news - people ), HSBCs Hong Kong subsidiary, slid by 5.90 Hong Kong dollars (76 cents), or 7.4%, to 73.60 Hong Kong dollars ($9.44). Bank of East Asia (other-otc: BKEAY - news - people ) fell by 74 Hong Kong cents (9.5 cents), or 5.3%, to 13.32 Hong Kong dollars ($1.71), on reports that its CEO and CFO had resigned. There is speculation that the bank's chairman and controlling shareholder, David Li, intends to put his two sons in charge.  With no further stimulus from Beijing in evidence, the Shanghai Composite index retreated by 28.07 points, or 1.3%, to 2,193.01.  Taiwans Taiex weighted index inched up by 16.43 points, or 0.4%, to 4,653.63. The countrys largest chip maker, Powerchip Semiconductor, sank by 28 New Taiwan cents (1 cent), or 6.85%, to 3.81 New Taiwan dollars (11 cents), and its major rival, Nanya Technology Corp., lost 37 New Taiwan cents (1 cent), or 5.8%, to 6.03 New Taiwan dollars (17 cents), at the close, after Taipei officials announced Thursday a plan to set up a new company called Taiwan Memory Co. to promote consolidation in the industry. Investors were disappointed by the preliminary plan which didnt include any cash injection to individual DRAM producer. (See Taiwans DRAM Merging Cannot Happen Fast Enough.)  South Korean stocks recovered from early losses, with the KOSPI index off by 0.3%, or 3.15 points, at 1,055.03. Banks extended their slide on persistent worry about the health of the sector: Shinhan Financial Group (nyse: SHG - news - people ) submerged by 950 won (61 cents), or 4.4%, to 20,500 won ($13.10), and Hana Financial Group tumbled by 650 won (42 cents), or 3.7%, to 16,850 won ($10.77). In the tech sector, LG Electronics (other-otc: LGEAF - news - people ) 2,400 won ($1.53), or 3.3%, to 75,400 won ($48.20), on investor sentiment that the weaker Korean won will help its bottom line.  In India, fraud-tarred Satyam Computer Services (nyse: SAY - news - people ) rallied by 7.05 rupees (14 cents), or 20.1%, to 42.15 rupees (82 cents), after the outsourcing company said it had received regulatory approval to sell 51% of itself. (See "Indian Regulators Place Satyam On The Block.") The countrys benchmark BSE Sensex 30 index rose by 127.90 points, or 1.6% to 8,325.82.  Elsewhere in Asia, Bangkok's Thai SET 50 index improved by 1.82 points, or 0.6%, to 290.50; and the Straits Times index in Singapore shaved 5.52 points, or 0.4%, to 1,513.12.  Light, sweet crude for April delivery moved higher by 90 cents, to $44.51 a barrel, by the close of Asian trading hours.  --Thomson Reuters contributed to this article.
Wall Street's hard fall Thursday and continuing woes for banking and the auto sector depress shares in Asia, Australia.