New York:Indian stocks trading on American bourses witnessed their cumulative market capitalisation falling by $23 billion in January, led by IT biggies Infosys Technologies and Wipro that accounted for nearly half of the losses.
The 15 Indian entities listed on the New York Stock Exchange and the Nasdaq lost $22.81 billion from their market capitalisation in January. Infosys and Wipro together shed $10.94 billion from their total valuation.
Wipro’s valuation plunged by $6.26 billion to $31.29 billion, while the market capitalisation of Infosys declined by $4.68 billion to $38.63 billion.
Among the 15 companies trading as American Depository Receipts (ADRs), two internet majors Sify Technologies and Reddif.com, however, defied the trend. The two companies saw their total valuation rising by $69 million.
Among banking stocks, the valuation of HDFC Bank nose-dived by $4.3 billion to $21.52 billion, while that of ICICI Bank by $3.75 billion to $24.86 billion.
Next comes auto maker Tata Motors, which saw its market capitalisation falling by $2.41 billion to $14.1 billion. Besides, copper producer Sterlite Industries too witnessed a loss in its valuations. Its market capitalisation went down by $716 million to $4.78 billion.
The Mcap of pharma major Dr Reddy’s Laboratories, and telecom giant Tata Communications decreased by $207 million and $162 million respectively.
Other losers include telecom firm Mahanagar Telephone Nigam Ltd, Patni Computer Systems, outsourcing companies WNS Holdings, EXLService Holdings and Genpact whose valuations slipped in the range of $44 million to $95 million.
On Friday, the US markets ended in the negative territory, with Dow Jones Industrial Average ending down 166.13 points at 11,823.70 and the S&P 500 settling down 23.20 points to 1,276.34. Besides, tech heavy Nasdaq was down 68.39 points at 2,686.89.