ADRs too feel the heat

Over 80 per cent of the American depository receipts (ADRs) of Indian companies are trading at their six-month lows. Most of them have declined between 14 per cent and 43 per cent from their month-ago prices.

Of 12 Indian companies listed on the New York Stock Exchange (NYSE), 10 are trading at six-month lows. The list includes Infosys Technologies, HDFC Bank, ICICI Bank, MTNL, Rediff.com, Satyam Computer Services, Satyam Infoway, VSNL, Patni Computer Systems and Wipro. Two other ADRs "" Tata Motors and Dr Reddy's Laboratories "" closed at their four-month lows on the NYSE yesterday.

The Infosys Technologies ADR closed at $66.76 yesterday, down 19 per cent in a month from $82.42 on May 9. The ADR hit its 52-week high of $84.78 on April 17.

The Wipro ADR closed at $10.76, down 24 per cent from $14.09 and Satyam Computer Services declined 21 per cent to $29.39 ($37.11).

The Patni Computer Services ADR closed at its all-time low price of $14.65 yesterday, down over 40 per cent from its all-time high price of $25.10. It was listed in December last year.