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.
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