ITC, Reliance GDRs down

ADR/GDR REPORT

The Instanex Skindia DR index (ISDI) was down 2.75 per cent on Monday in early morning trades. Among the ISDI global depository receipts (GDRs), all seven lost ground.

Major losers were ITC, down 7.27 per cent to $24.25 registering a volume of 3206 GDRs, Reliance, down 5.41 per cent to $24.50 registering a volume of 11,000 GDRs and State Bank of India down 4.44 per cent to $37.20 registering a volume of 1,968 GDRs.

The ISDI, which represents the American depositary receipts and GDRs of 15 actively traded companies, dropped by 1.71 per cent to 985.32 on the previous day. The ISDI price-to-earnings multiple also fell by 1.71 per cent to 17.65 as against 17.96 previously.

Among ISDI GDRs, there were 14 losers and one ruled steady. In the case of ADRs, one advanced and seven lost ground.

The ADR of VSNL fell to $6.74 from $6.95 previously.

The GDRs of ITC and Hindalco also moved down to $ 24.75 and $25.30, respectively, from $25.50 and $26.00, previously. However, the ADR of Dr Reddy's was quoted slightly higher at $ 19.70 as against $19.60 previously.

Meanwhile, in Japan the Nikkei stock average ended down 4.84 per cent as investors pulled out in apprehension of a rise in the US interest rates.