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Satyam effect: US listed Indian stocks lose $2 bn in a week

Satyam effect: US listed Indian stocks lose $2 bn in a week
PTI
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First Published: Sun, Jan 11 2009. 05 33 PM IST
Updated: Sun, Jan 11 2009. 05 33 PM IST
New York: Indian stocks listed on the American bourses suffered a loss of close to $2 billion in a week, following unfolding of the biggest accounting fraud by NYSE-listed Satyam Computer.
Despite, a halt in trading in Satyam Computer from Wednesday, the rest of the 15 Indian stocks on US bourses bore the brunt of the negative market sentiment and witnessed a fall of $1.94 billion in their combined market capitalisation in the week ending 9 January.
Meanwhile, the Hyderabad-based company, which traded on the first two day of the week, added $2.66 billion on the speculations that some rival IT firm might acquire it. The combined market-cap of all firms excludes Satyam’s valuations for the two days.
The NYSE had halted trading in Satyam Computer from 7 January after the company’s founder Ramalinga Raju disclosed financial bungling at the IT firm and resigned from the company. The trading was halted as the Satyam ADS had tumbled over 90% in the pre-market trading on the US bourse on 7 January, after the new broke.
Meanwhile, private sector lender HDFC Bank’s market valuation plunged by $1.20 billion and ICICI Bank’s by $1.04 billion, respectively.
IT major Wipro saw an erosion of $277 million in its valuation.
Other major losers include telecom major Tata Communication whose market capitalisation declined $152 million and another telecom entity Mahanagar Telephone Nigam, which tumbled by $135 million.
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First Published: Sun, Jan 11 2009. 05 33 PM IST
More Topics: Satyam | NYSE | Stocks | Shares | Markets |