The Nasdaq led a slump in US indices as it lost 2.37 per cent, or 118 points, to close at 4,876.52 on Wednesday 25 March.
The fall in the index, which is compromised of technology stocks, is said to be its largest fall since April 10 last year.
The decline was prompted by a sharp fall in biotech and pharmaceutical stocks, even while Nasdaq-listed Kraft Foods shares climbed 35 per cent on the back of its merger with food group Heinz.
Oramed Pharmaceuticals fell 19 per cent at close of markets yesterday, making it the biggest faller on the Nasdaq.
Other US indices to close lower include the S&P 500 which was down 1.46 per cent, or 30 points to end the day at 2,061.05, while the Dow Jones Industrial index slipped 1.62 per cent, down 293 points, to close at 17,718.54.
The losses were also due to concerns about first quarter growth in the US, following the publication of lower than expected February durable goods orders.
