Street signs: HDFC Bank ADR premium drops, SBI AMC bets on shares, and more

HDFC Bank ADR premium narrows The premium between HDFC Bank's American Depositary Receipts (ADRs) and its local shares has dropped to multi-year lows. The ADR premium fell to single-digits as HDFC Bank issued new shares worth over $2.3 billion. The average premium this month is 11 per cent compared to 16 per cent last month. The drop in premium comes despite rupees weakness against the dollar. Market experts say the drop in premium is not an indication of dipping popularity of HDFC Bank among foreign investors. “A lot of investors subscribed to new shares. This is weighing on t.....

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