TOKYO (AP) -- Asian markets have tumbled amid a U.S. plan to ward off recession by injecting cash into the American economy that some believe is "too little, too late."

India's benchmark index dropped nearly 11 percent before rebounding to close down almost seven-and-a-half percent.

Hong Kong's blue-chip Hang Seng index slipped five-and-a-half percent, its biggest percentage drop since Nine-Eleven. Shares in Japan and China also ended the day significantly lower.

An Asian economic forecaster says investors are "nervous about a potential recession in the U.S. spilling over to the rest of the world."

One positive prediction from an Indian investor is that today's sell-off could lead to a buying spree tomorrow.

European markets opened lower. U.S. markets are closed today for the Martin Luther King holiday.