BackIndia Inc loses $5.7 bn on US bourses in first week of 2008
India Inc loses $5.7 bn on US bourses in first week of 2008
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New York: The new year has begun on a strong note for Indian bourses where the companies have added more than $60 billion to their market value, but it has been an inauspicious beginning for Indian firms in the US market.
A total of 16 Indian companies listed in the US, which includes IT giants like Infosys, Wipro and Satyam, have lost close to six billion dollars in the first week of trade here on the New York Stock Exchange and Nasdaq.
There have been just three days of trading in 2008 here as 1 January was a holiday in the US, while the Indian bourses have conducted four trading sessions so far this year.
In the first four days of trading, the total market capitalization of all the Indian companies on domestic bourses rose by Rs2,66,706 crore ($67 billion) to a record high of Rs74,36,689 crore (close to $1.9 trillion).
However, the Indian companies have seen their market value on the US bourses plummeting to $131.8 billion dollars, from 137.5 billion dollars at the end of 2007.
There are 16 Indian companies listed in the US including HDFC Bank, Tata Motors, Satyam, Wipro, Patni Computer, Dr Reddy’s, Sterlite, MTNL, VSNL, internet companies Rediff and Sify and outsourcing majors Genpact, WNS and Exlservice.
The Dow Jones Industrial Average Index, the benchmark index of the US stock market, slid by 3.5% during the week as against about two per cent gain in the Sensex, the barometer index of the Indian stock market.
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