Skindia GDR index gains 5%

Among the losers, Wockhardt fell 9.09 per cent, SAIL 4.51 per cent and VSNL 3.70 per cent compared to their previous close. Oriental Hotels saw a huge premium of 225.56 per cent over its underlying share price. Crompton Greaves and Jain Irrigation saw premiumsat 167.93 per cent and 144.85 per cent respectively. As against this, Usha Beltron witnessed a huge discount of 20.98 per cent to its underlying shares.

According to a Skindia Finance release, the auto industry recorded a negative 41.60 per cent as compared to the annualised negative returns of 6.07 seen by the Skindia GDR index. Ashok Leyland was the worst among the auto scrips with its GDR showing a negative annualised returns of 71.79 per cent in 1997. The GDR is quoting at a discount of 81.24 per cent to its issue price. Even Telco’s GDR and underlying share fell by an average 0.05 per cent in 1997 but picked up slightly in February 1998 where the GDRs gained an average of 1.88 per cent. During the same period, Bajaj Auto’s Global Depository Receipts and underlying share recovered by 1.36 per cent and 0.57 per cent respectively, while Mahindra & Mahindra recorded a gain of 0.5 per cent.