Sharp decline in the prices of many Indian companies sponsored American and global depository receipts (ADR/GDR) pushed down the premium on the Skindia GDR Index (SGI) to more than half for the week ended 20 September to 8.41 per cent from 16.01 per cent on 14 September.
The decline is in sharp contrast to the increase of 20.40 per cent on Monday which was registered following the depreciation in the value of the rupee. According to Instanex Capital Consultants, the Mumbai-based monitoring agency, the premium on SGI which was 16.01 per cent on September 14 increased to 18.09 per cent on September 17 and again declined to 8.41 per cent on September 20.
Of the SGI constituents there were no gainers against 22 losers, while others remained unchanged.
The top losers were Wipro (ADR) (down 39.84 per cent to $18.50), Aptech Ltd (GDR) (down 35.29 per cent to $0.28) and Pentamedia Graphics (GDR) (down 34.04 per cent to $0.78).
Despite the sharp decline in the price of Infosys Technologies ADR, which closed at its all-time low of $34.56 on September 20 (post stock split), continued to command highest premium of 35.03 per cent over proportionate domestic price of its shares.
