Shares of Indian firms on US market lose $60 bn in 3 days

Shares of Indian firms on US market lose $60 bn in 3 days
PTI
Comment E-mail Print Share
First Published: Sun, Jan 06 2008. 02 43 PM IST

Updated: Wed, Jan 09 2008. 08 03 PM IST
New York: The new year has begun on a strong note for the Indian bourses where the companies have added more than $60 billion (Rs2.36 trillion) to their market value, but it has been an inauspicious beginning for Indian companies in the US market.
A total of 16 Indian companies listed in the US, which includes information technology giants such as Infosys Technologies Ltd, Wipro Ltd and Satyam Computer Services Ltd, have lost close to $6 billion in the first week of trade on the New York Stock Exchange and on National Association of Securities Dealers Automated Quotations (Nasdaq).
There have been just three days of trading in 2008 because 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, to a record high of Rs74.37trillion.
However, the Indian companies have seen their market value on the US bourses plummeting to $131.8 billion, from $137.5 billion at the end of 2007.
Comment E-mail Print Share
First Published: Sun, Jan 06 2008. 02 43 PM IST