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Wednesday, Feb 14, 2007

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ICICI Bank, HDFC Bank ADRs slump

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Bharat Matrimony

Chennai Feb. 13 Trading trend in ADRs present a negative signal for the Indian markets, as most counters opened on a weak note. This was despite a strong opening by the US markets - Dow was up about 73 points at 8.30 p.m. IST, while Nasdaq and S&P-500 gained 0.46 per cent.

Banking stocks were the worst hit, with ICICI Bank declining by close to seven per cent, while HDFC Bank slumped 5.36 per cent.

Among other ADRs, telecommunication major VSNL stock slumped 4.15 per cent. Infosys and Patni Computers declined by 1.9 per cent and 1.03 per cent respectively, Wipro by 0.46 per cent and Satyam Computer was down by 0.35 per cent.

MTNL was the lone gainer in the pack.

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