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HDFC Bank ADR slumps 12% on NYSE

HDFC Bank ADR slumps 12% on NYSE

HDFC Bank ADR slumps 12% on NYSE
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By CNBC-TV18 Mar 19, 2020 8:45:42 AM IST (Published)

The HDFC Bank ADR plunged 11.81 percent to $41.22 on the New York Stock Exchange (NYSE) on Wednesday. It opened $40.95 as against the previous day close of $46.74.

The HDFC Bank ADR (American Depository Receipt) plunged 11.81 percent to $41.22 on the New York Stock Exchange (NYSE) on Wednesday. It opened $40.95 as against the previous day close of $46.74.

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The ADR slipped 17.56 percent to touch intraday low of $38.53.
The US markets continued their downward trend even after stimulus measures announced by the Federal Reserve to infuse liquidity amid the fears over economic slowdown due to the coronavirus pandemic.
On Wall Street, the Dow Jones Industrial Average dropped 6.30 percent or 1,338.46 points to close at 19,898.92, marking its first close below 20,000 since February 2017. The S&P 500 fell 5.18 percent to 2,398.10 and ended its trading day nearly 30 percent below a record set last month. The Nasdaq Composite dropped 4.70 percent to close at 6,989.84.
ADR is a receipt issued by a Bank located in the United States of America and are traded like stocks. This receipt has a certain number of underlying shares. These shares are issued by public companies in India that trade on the domestic stock exchanges.
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