New York: Indian stocks trading on American
bourses lost over USD 1 billion last week, with IT bellwether
Infosys accounting for most of the losses.
For the week ended September 25, Indian entities listed
on two US bourses — the New York Stock Exchange and Nasdaq —
shed USD 1.19 billion from their total market capitalisation.
Infosys' valuation plunged by USD 1.16 billion.
However, part of the total losses were made up for by the
gains of a handful of firms, including private sector lender
HDFC Bank and pharma major Dr Reddy's Laboratories.
HDFC Bank was the highest gainer during the week. The
company witnessed a value addition of USD 603 million. Dr
Reddy's Laboratories' market-cap jumped by USD 405 million.
ADRs are bought and sold on American bourses just like
stocks and are issued by banks or brokerage firms.
IT major Wipro's valuation declined by USD 336 million,
while that of copper producer Sterlite Industries fell by USD
333 million.
The market capitalisation of Mahindra Satyam tumbled by
USD 169 million, while another private sector lender ICICI
Bank witnessed a decline of USD 116 million to its valuation.
Apart from Infosys, Sterlite Industries, Mahindra Satyam
and ICICI Bank, IT firm Patni Computer Systems and auto maker
Tata Motors too witnessed significant erosion in their
respective valuations.
Bureau Report
First Published: Sunday, September 27, 2009, 11:03