Wipro ADRs slide 7 pc on NYSE; shares jump over 3% on BSE
Mumbai/New York: Shares of Wipro slumped seven per cent on the New York Stock Exchange on Thursday even as the IT major jumped over 3 per cent on the domestic bourses, amid reports of the company`s likely launch of USD 1 billion sponsored ADR issue.
Wipro dropped about seven per cent to USD 22.06 on the NYSE in early trade. The scrip opened at USD 22.01.
At the price of USD 22.06, the company has a market capitalisation of USD 32.27 billion.
Shares of the Bangalore-based software firm jumped to a 52-week high of Rs 752 on the Bombay Stock Exchange before closing higher by 3.61 per cent at Rs 741.30.
Going by reports, Wipro is in talks with Goldman Sachs, Morgan Stanley, Citigroup and Credit Suisse for managing the USD 1 billion sponsored American Depository Receipts (ADRs).
When contacted, Wipro said, "We don`t comment on market speculations."
On the National Stock Exchange Wirpo shares settled with a gain of 2.85 per cent at Rs 736.
Over 59.20 lakh shares changed hands on the two bourses.
Sponsored ADR is issued in co-operation with underlying foreign company whose equity shares would underly the ADR shares.
With the corporation`s sponsorship, the ADRs created in the issue usually afford their owners the same rights normally given to stockholders, such as voting rights.
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