Indian ADRs loss $1.44 bn in one week
Indian stocks trading on American bourses lost over one billion dollars last week, with IT bellwether Infosys accounting for more than half of the total loss.
New York: Indian stocks trading on American bourses lost over one billion dollars last week, with IT bellwether Infosys accounting for more than half of the total loss.
For the week ended August 14, Indian entities listed on two US bourses --the New York Stock Exchange and Nasdaq-- shed USD 1.44 billion from their total market capitalisation. Infosys` valuation alone plunged by USD 961 million.
Besides Infosys, two other major losers were banking majors -- ICICI Bank and HDFC Bank. Two lenders, in total, lost USD 673 million.
The valuation of telecom firm Mahanagar Telephone Nigam Ltd fell by nearly USD 76 million, while that of drug maker Dr Reddy`s declined by USD 55.6 million.
Besides, outsourcing firms WNS Holdings and EXLService too witnessed an erosion of USD 50 million in their mcap.
The pack of losers include IT firms Mahindra Satyam and Tata Consultancy Services which shed USD 13.40 and USD 4.4 million respectively. Rediff.com declined by nearly USD 5 million.
However, Azim Premji-led Wipro, auto behemoth Tata Motors and NRI billionaire Anil Agarwal-led Sterlite Industries were among the pack of six companies, which gained on bourses during the week.
Sterlite Industries led the gainers pack and added USD 134 million in its market capitalisation, whereas Wipro and Tata Motors added USD 74 and 58 million, respectively.
BPO firm Genpact`s valuation increased by USD 19 million and another IT company Patni Computer rose by USD 98 million, while internet firm Sify added USD 11.12 million.
Last week, the US Federal Reserve had said the country`s economic activity is bottoming out and financial conditions have improved.
On Friday, the US markets ended in the red with the Dow Jones Industrial Average (DJIA) settling down by 0.82 per cent to 9,321.40 and S&P 500 ended at 1,004.09, down 0.85 per cent. Besides, tech heavy Nasdaq by fell 1.19 per cent to 1,985.52 points.