IDRs fall 20%, shares tumble

Mumbai: Standard Chartered Plc’s Indian depository receipts (IDRs) ended at Rs 83.15 on BSE on Tuesday, down 20% from the previous close even as the benchmark Sensex rose 1.08% to close at 17601.78 points. Shares in the Asia-focused bank were down 20% at £11.76 at 6.40pm IST.

IDRs are securities that represent an ownership interest in a fixed number of underlying equity shares of the issuing company, and hence reflect the company’s stock price.

The bank is the only listed overseas firm that has IDRs. One Standard Chartered share is equal to 10 IDRs.