India ADRs Gain as S&P Cuts Nation’s Outlook; Wipro Sinks

An index of American depositary receipts of Indian companies jumped at the start of trading in New York after Standard & Poor’s lowered the nation’s credit outlook to negative from stable.

The Bank of New York Mellon Corp. (BK) India ADR Index rose 0.5 percent to 1,008.16 by 9:40 a.m. in New York.

ADRs of Wipro Ltd. (WPRO), India’s third-largest software exporter which also had its outlook reduced to negative by S&P today, dropped 4.9 percent to $9.82, poised for their biggest one-day drop since April 13.

To contact the reporter on this story: Leon Lazaroff in New York at llazaroff@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net

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