New York: Indian stocks trading on American
bourses collectively witnessed a value erosion of USD five
billion last week, with IT bellwether Infosys Technologies
accounting for nearly half of the total losses.
For the week ended July 16, the 16 Indian entities listed
on the New York Stock Exchange and Nasdaq together lost USD
5.04 billion from their market capitalisation (mcap), with the
software major Infosys shedding USD 2.4 billion from its
valuation to USD 3.3 billion.
Among the 16 companies listed as American Depository
Receipts (ADRs) 3 of them including auto giant Tata Motors,
telecom major Tata Communications Ltd (TCL) and internet firm
Sify Technologies saw a gain in their respective mcap.
Infosys is followed by another IT firm, Wipro
Technologies whose valuation plunged by USD 1.5 billion to a
total of USD 30.38 billion.
Private sector lender HDFC Bank's valuation fell by USD
714 million to USD 21.8 billion, while that of copper producer
Sterlite Industries declined by USD 176.3 million to USD 2.8
billion.
Meanwhile, Tata Motors emerged as the biggest gainer,
which saw its market capitalisation rising by USD 188 million
to a total of USD 190 million.
On the other hand, valuation of ICICI Bank decreased by
USD 129 million to USD 21 billion.
IT firm Mahindra Satyam (earlier known as Satyam Computer
Services) saw a value erosion of USD 60 million to USD 3.4
billion followed by the outsourcing firms Genpact and WNS
Holdings, which lost USD 55 million and USD 27 million from
their valuations, respectively.
In addition, valuations of other ADRs -- Pharma major Dr
Reddy's, IT firm Patni Computer Systems, BPO company EXL
Service Holdings, Mahanagar Telephone Nigam Ltd and internet
firm Reddif.com valuations slipped in the range of USD 4
million to USD 24 million.
On Friday the US markets ended in the red, with Dow Jones
Industrial Average settling down by 261.41 points at 10,097.90
and S&P 500 fell by 31.60 points at 1,064.88. Besides, tech
heavy Nasdaq was down 70.03 points at 2,179.05.
PTI
First Published: Sunday, July 18, 2010, 10:47