New York: Indian stocks trading on American bourses witnessed their cumulative market capitalization falling by USD 23 billion in January, led by IT biggies Infosys Technologies and Wipro that accounted for nearly half of the losses.
The 15 Indian entities listed on the New York Stock Exchange and the Nasdaq lost USD 22.81 bilion from their market capitalisation in January. Infosys and Wipro together shed USD 10.94 billion from their total valuation.
Wipro's valuation plunged by USD 6.26 billion to USD 31.29 billion, while the market capitalisation of Infosys declined by USD 4.68 billion to USD 38.63 billion.
Among the 15 companies trading as American Depository Receipts (ADRs), two internet majors Sify Technologies and Reddif.com, however, defied the trend. The two companies saw their total valuation rising by USD 69 million.
Among banking stocks, the valuation of HDFC Bank nosedived by USD 4.3 billion to USD 21.52 billion, while that of ICICI Bank by USD 3.75 billion to USD 24.86 billion.
Next comes auto maker Tata Motors, which saw its market capitalisation falling by USD 2.41 billion to USD 14.1 billion. Besides, copper producer Sterlite Industries too witnessed a loss in its valuations. Its market capitalization went down by USD 716 million to USD 4.78 billion.
The Mcap of pharma major Dr Reddy's Laboratories, andtelecom giant Tata Communications decreased by USD 207 million and USD 162 million respectively.
Other losers include telecom firm Mahanagar Telephone Nigam Ltd, Patni Computer Systems, outsourcing companies WNS Holdings, EXLService Holdings and Genpact whose valuations slipped in the range of USD 44 million to USD 95 million.
On Friday, the US markets ended in the negative territory, with Dow Jones Industrial Average ending down 166.13 points at 11,823.70 and the S&P 500 settling down 23.20 points to 1,276.34. Besides, tech heavy Nasdaq was down 68.39 points at 2,686.89.