MUMBAI, July 25: Global depository receipts (GDRs) of Indian companies listed on overseas stock exchanges like London and Luxembourg have fallen faster than the share prices in the domestic stock markets. While the Skindia GDR Index has lost 30.28 per cent in the last three months, the BSE Sensex lost 20.33 per cent during the same period.The Skindia GDR Index has fallen by 24.34 per cent in the last two months, while the BSE Sensex lost 17.18 per cent. A host of reasons like the sanctions imposed on India after nuclear tests, downgrading of its rating by global agencies, political uncertainties and downtrend in India's growth rate prompted foreign investors to unload GDRs of Indian companies.According to Skindia Finance, GDRs of aluminium companies bore the brunt on overseas markets. During the first half of 1998, these GDRs lost 33.09 per cent against a loss of 5.17 per cent in domestic shares. Hindalco's GDR lost 28 per cent and that of Indian Aluminium lost 38.18 per cent in the first half of1998.Meanwhile, the political impasse over the Cauvery water dispute and a possible downgrade of the yen by Moody's triggered a fall in the Skindia GDR Index by 12.50 per cent to 653.90 over its previous week's close of 747.32. The strengthening of the bourses in earlier weeks - following the US Senate move to dilute sanctions against India and renewed interest by foreign funds - got diluted by the political upheavals.On the last day of the previous session, Moody's decision to review Japan's credit rating for a possible downgrade brought markets crashing with the BSE shedding 261.25 points and the GDR losing 93.42 points.According to Skindia Finance, 65 GDRs lost 6.02 per cent, while the underlying shares fell by 8.08 per cent. The pharma sector in the GDR market witnessed a marginal 0.19 per cent rise. The auto sector was the major loser with losses of 16.31 per cent in GDRs and 14.08 per cent on the BSE.Telecom was the other major loser of the week in the GDR market losing 10.04 per cent,followed by hotels which lost 9.96 per cent. In the underlying shares market, the major losers were steel which lost 12.90 per cent and textiles which lost 9.23 per cent.On July 23, 20 of the 65 GDRs were quoting at their 52-week low. Blue chips like Telco, Reliance, Mahindra & Mahindra and Wockhardt hit their 52-week low. The Skindia GDR Index price to earnings multiple lost 11.71 per cent to 15.15 per cent from its previous weeks' 17.16 per cent. The Skindia GDR Index premium lost 32.34 per cent to 12.75 per cent from its previous weeks' 18.84 per cent. The top gainer in the GDR market was Dr Reddy's Lab, gaining 7.69 per cent to trade at $14 over its previous weeks' $13. The top losers in the GDR market were Telco, which lost 23.75 per cent, Reliance, which lost 18.83 per cent, and Mahindra & Mahindra which lost 18.63 per cent.In the underlying shares, the top gainers were DCW and Tube Investment. The top losers in the underlying shares were Telco, Videocon International and Himachal Futuristic. Thescrips trading at a high premium in the GDR market on July 13 were Oriental Hotels at 264.20 per cent, Flex Industries at 237.22 per cent and JK Corp at 235.45 per cent.
