Uthappa has represented India in 59 international matches and has been a popular figure in the Indian Premier League
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At one point in afternoon trade, the benchmark Hang Seng index had fallen 7.2 percent before rallying more than 500 points in just a few minutes.
At 3:07 pm (0707 GMT), the index was down 627.70 points on the day at 16,176.06, a fall of 3.9 percent since Monday. Turnover remained light as investors shied away from the huge swings.
Tuesday was a public holiday in the Chinese territory.
Markets across Asia dropped violently on Wednesday, as the global banking industry was plunged into turmoil on worries that credit was drying up and doubts about a string of government rescue plans.
Uthappa has represented India in 59 international matches and has been a popular figure in the Indian Premier League
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