Led by Wipro, Indian ADRs lose $12bn in a week
Indian stocks trading on the American bourses collectively lost over $12 billion last week, with IT major Wipro topping the losers' chart.business Updated: May 09, 2010 14:39 IST
Indian stocks trading on the American bourses collectively lost over $12 billion last week, with IT major Wipro topping the losers' chart.
For the week ended May 7, the 16 Indian companies listed on the New York Stock Exchange and Nasdaq together lost $12.55 billion from their market capitalisation, with Wipro alone shedding a staggering $3.14 billion to settle at $29.82 billion as Wall Street saw one of its worst weeks in many months.
Wipro is followed by copper major Sterlite Industries whose market capitalisation tanked by $2.39 billion to $12.85 billion during the week when the main American indices plunged more than five per cent as the escalating Greece debt crisis rattled the global markets during the week.
Software major Infosys Technologies' valuation fell by $1.97 billion to $32.25 billion, while the market value of private sector lender HDFC Bank decreased by $1.57 billion to $21.05 billion.
Auto major Tata Motors also saw its market valuation falling by $1.26 billion to $7.91 billion.
ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.
Another private sector lender ICICI Bank and pharma major Dr Reddy's Laboratories too saw significant erosions in their market valuation. ICICI Bank's valuations declined by $927 million to $21.37 billion, while that of Dr Reddy's' dropped $471 million to $4.2 billion.
Market value of Mahindra Satyam and BPO company Genpact slipped by $310 million and $305 million respectively.
However, IT firm Patni Computers and outsourcing company EXLservice Holdings managed to increase their valuation.During the week, Patni's valuation rose by $65 million, while that of EXLservice by $4 million.
But outsourcing company WNS Holdings, Internet firms Sify Technologies and Reddif.com, telecom majors Tata Communications and MTNL also saw their valuations dipping in the range of $5 million to $113 million.
On Friday the US markets ended in deep red, with the Dow Jones plummeting by 140 points at 10,380.43 and S&P 500 falling by 17.27 points to 1,110.88. Besides, tech-heavy Nasdaq plunged 54 points at 2,265.64.