The Infosys ADR had shot up by 8.5 per cent last Friday to scale a new peak of $ 60.25. Domestic market players were caught offguard as the underlying shares had remained flat around the Rs 3080 level. This meant that the ADR was trading at a huge premium of 68 per cent to the domestic shares. On Monday, when the markets resumed for trading, the Infosys rush saw the scrip clocking huge volumes of 1.12 lakh shares on the BSE worth Rs 36.08 crore. According to brokers, there were outstanding orders for 14,000 shares. On the NSE too the scrip closed at the same level with a volume of Rs 26.55 crore.

Monday's rise in the scrip price has brought down the ADR premium to 55 per cent. The share is cheaper by Rs 1855 to the ADRs. Activity in the Infosys shares had cooled downlast week, with the market focussed on HLL and SBI alongwith cyclical stocks. Thanks to the trigger provided by the ADR, the market now talks of discounting the first quarter results of Infosys, which is just a couple of weeks away.