Gdrs Decline 8-10 Per Cent

The Indian GDR markets came under pressure with the crash at the local stock markets yesterday. Most of the Indian GDRs were down by 8-10 per cent by 7.30 pm with market players of the view that sentiments would remain weak at the GDR markets today. According to a dealer at a London-based brokerage, the GDR markets witnessed more of "marking down operations" rather than selling pressure yesterday.

The Skindia GDR index, during intra-day trading in London, was at a new all-time low of 574.26, down by 9.84 per cent over its previous level.

The Bajaj Auto GDR was quoted at $11.25 (-10 per cent), BSES $9 (-10 per cent), Hindalco at $12.25 (-11 per cent), MTNL at $8.50 (12 per cent), SBI at $11 (-11 per cent), VSNL at $8.75 (-15 per cent), Reliance at $6.20 (-5 per cent) and ITC GDR at $14.75 (-7 per cent).

According to sources, certain amount of buying interest came in late at the Reliance and Telco counters.

"The marking down of prices would mean that there is a view that the local market sentiment could weaken further and this would affect prices further," a source said.