Teledata Technology Solutions' GDR is the worst performer, with its price on September 15 trading 93 per cent below the offer price.
Other entities that have seen the price erode significantly include Ashco Niulab Industries (down 81 per cent), BAG Films and Media (down 73 per cent), Birla Power Solutions (down 74 per cent), Cox and Kings (down 25 per cent), Shree Ashtavinayak Cine Vision (down 51 per cent), Nissan Copper (down 45 per cent) and FCS Software Solutions (down 83 per cent).
On the other hand, Rainbow Papers' issue has been the best performer, with its price trading 148 per cent higher than the offer price.
According to CRISIL, meanwhile, the number of GDRs issued in 2011 has slowed. Only 12 Indian companies have raised money, a total of $0.2 bn through GDRs during 2011, as compared to 34 companies that raised $1 bn during the corresponding period in 2010. "Volatility and weak performance of Indian equity markets in 2011 have damped investor sentiments. This, coupled with the weak performance of the past GDRs, has made them less attractive to foreign investors.
Source : Business Standard 28th September 2011