As a result, in the domestic market the price of Infosys has lost almost 10 per cent in the last four trading sessions, closing at Rs 3080 on the Bombay Stock Exchange on Wednesday.

On the Nasdaq, Infosys has lost 10.4 per cent falling from the opening day's close of $ 46.87 per ADR to $ 42 on Tuesday. However, the stock continues to trade at a premium to the domestic market price. A sharper fall in the domestic price has kept the arbitrage still above 11 per cent. The arbitrage between the two markets has narrowed down from a high of 24 per cent on the day of the listing.

Trading volumes too have come down to 1.56 lakh ADRs on the Nasdaq,compared to 2.7 million ADRs traded on the day of listing.

The rise in Infosys on the domestic market was led mainly by the hype built around the listing of its ADRs on the Nasdaq. The scrip even after going ex-bonus (1:1) kept rising. As a result, the PE of the scrip based on domestic prices went to a high of 73.9 based on the expected earnings for the full year. The market sees a net profit of Rs 55 crore in the fourth quarter taking the total earnings to around Rs 150 crore.

With a lack of support from international investors, domestic players appear to be losing interest in the scrip. Based on the latest domestic price, the PE now has come down to around 67.2.