The Instanex Skindia India GDR Index lost 4.79 points on Monday to close at 451.56 with an advance to decline ratio of 1:3. The bloodshed in the price of depository receipts of Indian companies listed abroad was in tandem with the global jolt to technology stocks.
The Nasdaq slipped to a six-year low of 1,184.93 on Monday following a sales warning from telecom equipment maker JDS Uniphase which added to the concerns over rising prices of crude. Blue chips were also hurt by concern that the US might go for an all-out war with Iraq after the latter refused to cooperate with new UN resolutions on weapons inspections.
The Nasdaq composite index dived to a six-year low, down 36.16 points to 1,184.93. The Dow Jones industrial average lost 113.87 points to 7,872.15, ending near its recent four-year lows. The Standard & Poor's 500 index lost 11.65 points to close at 833.70.
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Indian ADRs were hit hard on Monday and traded in lower zones in early Tuesday trading too. On Monday, the Infosys Technology ADR closed $3.42 lower to $54.08, the Wipro ADR was down 39 cents to $26.67 and the Satyam Computer ADR was down 42 cents to $9.25. Lesser weight Silverline Tech ADR also fell 11 cents to $0.69.
Among bank stocks, the ICICI Bank ADR was down 3 cents to $5.72 and the HDFC Bank ADR declined 18 cents to $14.80. Sify, the Satyam Infoway ADR was down 4 cents to $0.42 and the Rediff.com ADR on an exceptional basis was up 3 cents to $0.42.
Among telecom stocks, the VSNL ADR remained unchanged at $4.63 and while the MTNL ADR was down 22 cents to $4.50. But pharmaceuticals major Dr Reddy