Money on the markets

A maturing market amid the mayhem

StanChart IDRs trade below its international price

June 11, 2010

MARKETS-SOUTHASIA-STOCKS/UK bank Standard Chartered’s Indian depositary receipts traded near their offer price on Friday in their debut but below their equivalent London close.

The IDRs opened at 105 rupees, rose as much as 2.9 percent to 108 rupees but also slipped to as low as 100.60 rupees in early deals, before closing at 103.05 rupees.

The stock was the most actively traded counter on both the Bombay Stock Exchange and the National Stock Exchange, with volumes of nearly 20 million shares.

With muted response on the first day despite the fact the bank’s profit in India rose 19 percent to $1.06 billion last year, do you think the IDR will reach new highs?

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