New York: Indian stocks trading on American bourses witnessed an erosion of $3 billion from their cumulative market capitalization past week, with IT major Wipro accounting more than half of the total losses.
For the week ended 25 June, the 16 Indian entities listed on the New York Stock Exchange (NYSE) and Nasdaq together lost $3 billion from their total market capitalization (m-cap), with Wipro alone shedding $1.6 billion at $30.82 billion, followed by Infosys Technologies which plunged by $626 million at $35.58 billion.
Private sector lenders -- HDFC Bank and ICICI Bank together lost $737 million from their collective m-cap. HDFC Bank’s valuation tumbled by $436 million to $22.4 billion, while that of ICICI Bank fell by $301 million to $20.92 billion.
Out of the 16 companies listed as American Depository Receipts (ADRs), five of them including pharma major Dr Reddy’s Laboratories and auto maker Tata Motors witnessed a significant gain in their respective m-cap.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
During the week, Dr Reddy’s Laboratories emerged as a major gainer. The company saw its valuation rising by $244 million to $5.42 billion.
Meanwhile, outsourcing firm Genpact saw it m-cap falling by $212 million to a total of $3.55 billion.
Another major gainer was Tata Motors whose valuations jumped by $135 million to $7.97 billion.
The market capitalization of Mahindra Satyam (earlier known as Satyam Computer Services) rose by $88 million, telecom major Tata Communications $60 million and BPO company EXLService Holdings $6 million.
Other ADR which lost include internet firms-Sify Technologies and Reddif.com, BPO company WNS Holdings, copper producer Sterlite Industries, IT firm Patni Computer Systems and telecom major Mahanagar Telephone Nigam. Their valuations declined in the range of $1 million to $99 million.
On Friday, the US markets ended in a mixed trend, with Dow Jones Industrial Average settling down by 8.99 points at 10,143.81 and S&P 500 up by 3.07 points to 1,076.76. Besides, tech heavy Nasdaq ended up 0.27 points at 2,223.48.