New York: Indian stocks trading on American bourses lost USD 3.85 billion (around Rs 18,000 crore) from their total market valuation last week, with HDFC Bank and Sterlite Industries leading the pack.
Private sector lender HDFC Bank and copper producer
Sterlite Industries accounted for more than half of the total
losses, shedding USD 2.15 billion from their total valuation
during the week ended December 11.
HDFC Bank's valuation plunged by USD 1.14 billion to USD
18.61 billion, while that of Sterlite Industries declined by
USD 1.01 billion to USD 15.36 billion in the last week.
Another major loser was ICICI Bank, which saw its market
cap falling by USD 896 million to USD 20.39 billion in the
week.
IT major Wipro and telecom company Tata Communications
Ltd (TCL) too suffered significant losses in their valuations.
The market capitalisation of Wipro declined by USD 731
million to USD 29.23 billion while TCL's valuation dipped USD
210 million to USD 2.18 billion in the last week.
ADRs are bought and sold on American bourses just like
stocks and are issued by US banks or brokerage firms.
Four Indian companies, including IT firm Mahindra Satyam
and BPO company Genpact, witnessed gains in their market
capitalisation.
Mahindra Satyam's market cap rose by USD 162 million to
USD 3.42 billion, while that of Genpact grew by USD 127
million to USD 3.03 billion during the week. IT bellwether
Infosys Technologies and Internet company rediff.com also
witnessed gains in their market cap.
Among other ADRs, Internet firm Sify Technologies, WNS
Holdings, EXLService Holdings, automaker Tata Motors, pharma
major Dr Reddy's Laboratories, telecom major Mahanagar
Telephone Nigam Ltd slipped in the range of USD 2-72 million.
On Friday, the US markets ended with a mixed reaction,
with Dow Jones Industrial Average settling up by 65.67 points
at 10,471.50 and S&P 500 by 4.06 points at 1,106.41. Tech
heavy Nasdaq was down 0.55 points at 2,190.31.
PTI
First Published: Sunday, December 13, 2009, 13:43