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As India boosted Standard Chartered Bank's wealth, its IDR — Indian Depository Receipt — made domestic investors richer.
For retail investors, the StanChart IDR has returned 15 per cent since its listing on June 11, 2010, outperforming its underlying shares listed on the London Stock Exchange. StanChart, which surged sharply in today's trade to £1,673 at 5-00 p.m. IST, has returned 5.3 per cent during the same period. The BSE Sensex and the FTSE returned 9 per cent and 15 per cent respectively, and the BSE Bankex 19 per cent, but it was marked by wild swings.
StanChart is the only foreign company to have listed its IDRs on the Indian stock exchanges. One underlying share represents 10 IDRs. The IDR was priced at Rs 104 for institutional investors and Rs 99 for retail investors.
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