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Indian shares on US bourses shed $2 bn last week

Indian shares on US bourses shed $2 bn last week
PTI
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First Published: Sun, Mar 08 2009. 12 52 PM IST
Updated: Sun, Mar 08 2009. 12 52 PM IST
New York: Indian shares trading on American bourses saw their total market capitalisation plunge by about two billion dollars in just one week, with leading private sector lender ICICI Bank alone shedding $1.2 billion.
Among the 16 Indian stocks listed as American Depository Receipts (ADRs), five companies, including copper producer Sterlite Industries and crisis-ridden Satyam Computer Services, managed to add to their respective valuations.
The Indian entities listed on the New York Stock Exchange and Nasdaq collectively lost $1.97 billion in the week ended 6 March.
ICICI Bank witnessed its market capitalisation tumble by $1.2 billion while that of another private sector lender HDFC Bank dropped by $466 million during the week.
The market capitalisation of two IT majors - Wipro and Infosys - collectively declined by $309 million. Wipro lost $189 million in valuation, while Infosys market cap came down by $120 million last week.
American bourses were highly volatile in the first week of March amid heightened fears about the health of the nation’s financial sector and the spectre of bankruptcy for General Motors.
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First Published: Sun, Mar 08 2009. 12 52 PM IST
More Topics: ADR | Loss | Wall Street | Markets | India |