However, the week ended June 11, saw the index stabilise at 671.21 points registering a net loss of 1.67 per cent over the previous week's close. The Skindia GDR premium index also recorded a decline of 0.50 per cent to close at 15.60 points. The 65 GDRs lost 3 per cent in the last week, while the underlying shares declined by a whopping 13.42 per cent.

Interestingly, since the fall in the underlying share market was three times that of the GDR markets, the Skindia GDR index premium shot up by 193.69 per cent to close at 11.65 per cent against its last week's close of 3.97 per cent recorded on June 4. The major losers during the week were GDRs of cable, textile and power sectors declining by 16.16 per cent, 15.48 per cent and 15.11per cent respectively.

GDRs from hotel, pharma and cement sectors, however, recorded marginal appreciation of 4.03 per cent, 2.12 per cent and 1.92 per cent respectively. Indian Hotels' GDR recovered by 12.81 per cent to close at $ 11.45 while the GDRs of M&M and Ranbaxy moved up by 11.70 per cent and 8.47 per cent respectively. On June 9 Ranbaxy proposed a 1:1 bonus which saw the GDR gain by 6.78 per cent to trade at $ 15.75, while its underlying share shot up by 5.09 per cent on the same day to close at Rs 619.50.