Indian ADRs shed $12.6bn in a month; Wipro,Infosys top losers
Indian companies trading on the American bourses witnessed a value erosion of $12.6 billion this month, with IT icons-- Wipro and Infosys Technologies accounting for half of the total losses.business Updated: Jan 31, 2010 16:18 IST
Indian companies trading on the American bourses witnessed a value erosion of $12.6 billion this month, with IT icons-- Wipro and Infosys Technologies accounting for half of the total losses.
For the month ended January 31, Indian entities listed on the New York Stock Exchange and Nasdaq--together lost $12.6 billion from their total market capitalisation, with Wipro and Infosys contributing $6.05 billion to the total loss.
Wipro's valuation plunged by $3.96 billion to $28.9 billion, while that of Infosys tumbled by $2.09 billion to $29.63 billion.
Out of the 16 companies listed on the bourses as American Depository Receipts (ADRs), five of the them including Mahindra Satyam (earlier known as Satyam Computer Services) saw a marginal gain of $135 million to its total market capitalisation.
ADRs are bought and sold in American markets just like stocks and are issued in by a bank or a brokerage firm.
Meanwhile, copper producer Sterlite Industries shed its valuation by $1.92 billion to $13.4 billion
Private sector lenders--HDFC Bank and ICICI Bank together lost $3.02 billion to their combined market cap.
Market capitalisation of HDFC Bank fell by $1.74 billion to $17.95 billion, whereas ICICI Bank's valuation declined by $1.28 billion to $19.65 billion.