Tata Communications Ltd said on Wednesday it will delist from the New York Stock Exchange and terminate its American Depositary Receipts (ADR) programme. "Our decision to delist, deregister and terminate our ADR program was the result of several factors, including the fact that our ADR program had not developed the trading volumes we had initially hoped when we listed," Chief Executive Vinod Kumar said in a statement.
Kumar said a rule set by the Indian market regulator for listed companies to have a minimum 25 per cent public shareholding, excluding ADRs, was also a "crucial factor" in the decision.
Money-losing Tata Communications, one of the world's biggest undersea cable network operators, is a former Indian state monopoly, now controlled by the salt-to-software Tata conglomerate.
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