Indian ADRs lose $3.6bn

CHENNAI: The truth behind Satyam cast its shadow on the Indian shares listed at the American bourses as the 11 American depositary receipts (ADRs) collectively lost investor wealth amounting to a whopping $3.6 billion on Wednesday. Interestingly, the Satyam ADR escaped the mauling overseas after the New York Stock Exchange halted trading just minutes before actual trading began.
In what could go down as the worst single-day performance of the ADRs, the losses on Wednesday were led by Sify (-18%), ICICI Bank (-13.4%), HDFC Bank (-10.4%), Patni Computers (-8.1%), Sterlite Industries (-8%) and Dr Reddys (-7.2%), data showed.Tech counter Wipro (-1.8%) escaped less hurt while Infosys remained the only ADR to post returns (1.3%) on a day former Satyam chairman Ramalinga Raju gave India its biggest corporate fraud.