Indian stocks trading on American bourses witnessed a value erosion of nearly USD 7 billion from their cumulative market capitalisation last week, with IT icons Infosys Technologies and Wipro accounting for half of the total losses.
For the week ended July 2, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq together lost USD 6.67 billion from their total market capitalisation, with
Infosys and Wipro collectively shedding USD 3.71 billion from their valuation.
The valuation of Infosys fell by USD 1.96 billion to USD 33.62 billion, while the market capitalisation of Wipro tumbled by USD 1.75 billion to USD 29.06 billion.
Banking firms -- ICICI Bank and HDFC Bank -- together lost USD 1.84 billion from their market capitalisation. ICICI Bank plunged by USD 998 million to USD 19.93 billion, while HDFC Bank was down 849 million to USD 21.55 billion.
Among the 16 companies listed as American Depository Receipts, telecom major Tata Communications was the only gainer during the week. The company added USD 7 million to its
market capitalisation.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
Meanwhile, auto maker Tata Motors saw its valuation falling by USD 252 million to a total of USD 7.72 billion.
The valuations of copper producer Sterlite Industries and pharma major Dr Reddy's Laboratories decreased by USD 195 million and USD 185 million, respectively.
Dr Reddy's Laboratories is followed by outsourcing firm Genpact, whose market capitalisation went down by USD 160 million to USD 3.39 billion.
Among other ADR losers are -- Internet firms -- Sify Technologies and Reddif.com, BPO companies -- WNS Holdings and EXLService Holdings, IT firms -- Mahindra Satyam (earlier
known as Satyam Computer Services) and telecom major Mahanagar Telephone Nigam, whose valuations declined in the range of USD 3 million to USD 121 million.
On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 46.05 points at 9,686.48 and S&P 500 by 4.79 points to 1,022.58. Besides, tech heavy Nasdaq was down 9.57 points at 2,091.79.