During the same period, the Skindia GDR Premium Index plunged by 29.51 per cent to close at 13.98 per cent, while the indicative barometer of the price-earnings ratio of companies fell by 6.62 per cent to close at 19.71 points.

The 65 GDRs comprising the Skindia GDR Index registered an average loss of 4.10 per cent, while their underlying shares fell by 4.76 per cent.

Interestingly, about 30.77 per cent of these 65 index-based GDRs were quoting at their 52-week lows last week.

Among them was the GDR of Indian Hotels at $13.75 on May 13, theGDR of Mahindra & Mahindra at $6.40 at May 14 and that of VSNL at $11.50 on May 13.

A study by Skindia Finance shows that the GDRs from the telecom, aluminium and automobile sectors took a severe beating to register losses to the tune of 11.61 per cent, 11.45 per cent and 9.81 per cent respectively.

However, the GDRs of textile companies were the only gainers, appreciating by 2.40 per cent during the week to May 14. GDRs of SIV Industries, Videocon International and Ashok Leyland also bucked the downward trend. SIV Industries jumped by 36.36 per cent to close at $0.75.

Automobile major Mahindra & Mahindra was badly hit by the news of sanctions imposed by the US with its GDR falling by 20 per cent to close at $6.40. Losers included EI Hotels which fell by 16.40 per cent to close at $10.45.

The performance of the AV Birla group companies' GDRs continued to be pathetic despite a rise in net profits.

"Although there was a rise in the net profits of Hindalco and Indo-Gulf, the overall performance of theAV Birla group companies has not been encouraging in fiscal 1997-98," stated a Skindia Finance release. Despite a sharp rise in the net profit by 30.56 per cent, the GDR of Indo-Gulf was unchanged at $1.35 on May 4. However, the GDR of Hindalco dipped by 1.23 per cent to close at $20 on May 8, the day the company announced a net profit rise of 26.58 per cent.