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Indian ADRs shed $2 bn in a week, ICICI Bank loses most

Indian ADRs shed $2 bn in a week, ICICI Bank loses most
PTI
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First Published: Sun, Nov 28 2010. 01 53 PM IST
Updated: Sun, Nov 28 2010. 01 53 PM IST
New York: Indian stocks trading on American bourses lost over $2 billion last week, with the private sector lender ICICI Bank losing the most.
For the week ended November 26, Indian entities listed on two US bourses - the New York Stock Exchange and Nasdaq -- together lost $2.02 billion from their total market capitalisation, with ICICI Bank alone shedding $2.14 bilion from its valuation to $28.83 billion.
However, losses were primarily offset by the auto giant Tata Motors, which witnessed a smart gain of $2.88 billion, taking its market capitalisation to $20.12 billion.
Among the 15 Indian American Depository Receipts (ADRs), which are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm, 11 ended the week on a negative note, while rest closed with gains.
Apart from ICICI Bank, another major loser on the American bourses was the software giant Wipro, whose market capitalisation slumped by $1.86 billion to $33.62 billion.
Besides, the copper producer Sterlite Industries and the private sector lender HDFC Bank together shed $782.18 million in their valuation with the former losing $439.29 million and the latter declining by $342.89 million.
Also, the telecom giants Tata Communications and Mahanagar Telephone Nigam Ltd (MTNL) saw a value erosion of $245.92 million and $141.79 million, respectively.
While IT firm Patni Computer Systems’ valuation dipped by $56.43 million to $1.31 billion, the bellwether Infosys Technologies m-cap swelled by $378.71 million to $38.25 billion.
Other than Tata Motors and Infosys, the outsourcing firm WNS Holdings and the pharma giant Dr Reddy’s Laboratories also emerged as winners with a gain of $23.05 million and $11.96 million in their respective valuations.
Among other ADRs, BPO firms -- Genpact, EXLService Holdings and the internet companies Sify Technologies and Reddif.com, saw their valuations sliding in the range of $0.85 million to $83.94 million.
On Friday, the US markets ended in the red, with Dow Jones Industrial Average settling down by 95.28 points at 11,092 and S&P 500 fell by 8.95 points to 1,189.40. Besides, tech heavy Nasdaq was down 8.56 points at 2,534.56.
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First Published: Sun, Nov 28 2010. 01 53 PM IST
More Topics: Markets | ADR | Dollar | HDFC | ICICI Bank |