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US-listed Indian firms lose $6 bn in a week

Source: PTI
November 24, 2008 11:40 IST
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Indian companies listed on the American bourses lost nearly $6 billion in just one week, with the market value of HDFC Bank eroding as much as $1.38 billion, amid worsening financial turmoil and scour corporate news battering world markets.

The 16 Indian firms in the New York Stock Exchange and Nasdaq collectively lost $5.74 billion in their market capitalisation for the week ended November 21, even as two companies gained valuation.

Global meltdown: Complete coverage

In recent weeks, the American markets went into a tailspin primarily due to heightened concerns of a protracted economic slowdown and declining consumer spending in the world's largest economy.

Among the 16 Indian stocks listed as American Depository Receipts, apart from HDFC Bank, another private sector lender ICICI Bank, too, lost more than $1 billion of valuation.

While the market value of HDFC Bank tumbled $1.37 billion, that of ICICI Bank dropped $1.12 billion.

However, pharma major Dr Reddy's Laboratories and outsourcing firm Genpact added to their market capitalisation. Dr Reddy's Laboratories witnessed a rise of $37 million in valuation, whereas Genpact's value increased by $4.3 million.

IT bellwether Infosys' market valuation eroded by $1 billion, while that of IT major Wipro decreased by $863 million. In addition, Satyam Computer Services saw a value erosion of $457 million.

Further, leading auto maker Tata Motors lost $77 million and telecom entity Tata Communications saw a decline in value to the tune of $677.17 million.

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