New York: Indian stocks trading on American bourses lost over $10 billion last month, with private sector lender ICICI Bank accounting for almost 40% of the total loss.
For the month ended 30 October, Indian entities listed on two US bourses - the New York Stock Exchange and Nasdaq - together lost $10.25 billion from their total market capitalisation, with ICICI Bank’s valuation coming down by $3.95 billion to $17.51 billion.
IT majors Infosys Technologies and Wipro together lost $2.6 billion from their market capitalisation. The valuation of Infosys fell by $1.42 billion to $26.24 billion, while that of Wipro declined by $1.17 billion to $25.12 billion.
Another major loser was private sector lender HDFC Bank whose valuation plunged by $1.10 billion to a market capitalisation of $15.68 billion.
Apart from them, IT firm Mahindra Satyam (earlier known as Satyam Computer Services) and telecom company Tata Communications Ltd too witnessed a significant erosion in their valuations.
The market capitalisation of Mahindra Satyam tumbled by $868 million to $3.56 billion, while TCL saw a fall of $768 million to $2.17 billion.
Tata Communication is followed by auto maker Tata Motors whose valuation declined by $711 million to $5.12 billion.
On the other hand, pharma major Dr Reddy’s Laboratories and IT firm Patni Computer Systems saw rise in their valuations.
Dr Reddy’s Laboratories’ market capiatalisation grew by $377 million to $3.67 billion, Patni Computer Systems grew by $48 million to $1.23 billion.
The market capitalisation of Mahanagar Telephone Nigam Ltd (MTNL) and copper producer Sterlite Industries fell by $265 million and $172 million respectively.
Among other ADRs, Internet firms Sify Technologies and Reddif.com and outsourcing companies Genpact, WNS Holdings and EXLService Holdings also suffered losses ranging from USD seven million to $100 million in their valuations.
After contracting for four straight quarters, the American economy expanded 3.5% in the three months ended September on the back of increased consumer spending and higher government expenditure.
The news somewhat gave a fillip to the otherwise lackluster market on Thursday. However, the downtrend returned the very next day.
On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 249.85 points at 9,712.73 and S&P 500 fell by 29.93 points to 1,036.18. Besides, tech heavy Nasdaq was down 52.44 points at 2,045.11.